Retailers and other consumer companies surged amid optimism about the outlook for mortgage rates and housing-market activity.

Home prices fell on an annual basis for the first time in more than a decade as rising mortgage rates slowed demand, according to data from the National Association of Realtors.

Used-home sales rose 14.5% in February from January, but plunged 23% from a year earlier, according to the data from the trade group.

Investors bet any acknowledgment of tightening financial conditions from the Federal Reserve Wednesday would bring down Treasury yields and mortgage rates.

Meme stock GameStop slid ahead of its earnings report.


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

(END) Dow Jones Newswires

03-21-23 1735ET