Shares of retailers and other consumer companies were higher as data showed U.S. shoppers sharply increased their spending in January.
Retail sales, a measure of purchases at stores, at restaurants and online, jumped a seasonally adjusted 5.3% in January from a month earlier, and manufacturing output neared pre-pandemic levels. The retail sales increase followed three months of decline during the holiday season, the Commerce Department said on Wednesday.
It was the strongest gain since last June, when the economy was in the process of reopening from pandemic-related closures. The producer-price index jumped by 1.3% in January, the largest increase since the index underwent a major overhaul in 2009.
New York's attorney general has filed a lawsuit against Amazon.com that accuses the online retailer of not doing enough to protect workers in the state from the coronavirus.
Last week, Amazon sued New York's attorney general to prevent the state from taking legal action against the company over its handling of worker safety during the pandemic and the firing of one of its warehouse workers last year.
In Europe shares of French luxury-goods conglomerate Kering sank after poor sales from its flagship Gucci brand overshadowed results.
Gucci fell further behind its big competitors in the fourth quarter, as the Italian fashion house stumbled without tourist shoppers filling its boutiques during the pandemic.
Nestle agreed to sell most of its North American bottled-water brands, including Poland Spring, Arrowhead and Pure Life, for $4.3 billion, hoping to jump-start growth by focusing on a slimmed-down group of upscale and trendy brands.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
02-17-21 1712ET
