Shares of retailers and other consumer companies rose as investors looked for a silver lining in a surprising increase in new jobless claims.
Initial jobless claims, a proxy for layoffs, increased by a seasonally adjusted 16,000 last week to 744,000, the Labor Department said. "This one further cements the Fed's dovish stance of near zero interest rates till 2024 and no reason to even think about talking over when to reduce their monthly asset purchases," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.
GameStop said it's nominating as chairman Chewy co-founder Ryan Cohen, whose investment in the videogame retailer unleashed a frenzy of day-trader bets on GameStop's reinvention as a digital company.
Shares of Japan's Fast Retailing, which owns the Uniqlo brand, said first-half net profit rose 5% from a year earlier thanks partly to stronger sales in Japan and China, marking a continued recovery from the Covid-19 pandemic.
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(END) Dow Jones Newswires