Retailers and other consumer companies rose, recouping some of their recent losses, after strong housing-market data.

Cyclical sectors initially rallied after strong economic data but the gains waned as investors digested the data.

U.S. pending home sales vaulted 8.1% higher in January, according to the monthly index from the National Association of Realtors.

"No one is getting excited over pending home sales that were tentatively supported by lower rates and warm weather," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group.

"The housing market is going to struggle going forward, but today's strong data could delay the improvement of the cooling with Core PCI trends," Mr. Moya said.

The average apartment rent has fallen sharply after the Marlboro maker Altria Group is in advanced talks to buy e-cigarette startup NJOY Holdings for at least $2.75 billion, the Wall Street Journal reported.

In conjunction with the deal, the tobacco giant plans to sell its stake in NJOY rival Juul after a troubled partnership, a move that could preempt antitrust concerns with the NJOY.

Bath & Body Works rejected naming one of Dan Loeb's protégés as a director ahead of a potential proxy fight with the hedge-fund manager's Third Point firm.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

02-27-23 1707ET