Consumer Cos Rise On Transition Hopes -- Consumer Roundup

11/24/2020 | 06:54pm

Shares of retailers and other consumer companies rose after reports that the transition to the Biden administration was beginning in Washington DC.

Investors are optimistic that a smooth transition could result in an economic-stimulus package in the near term.

The Conference Board, a private research group, said its index of consumer confidence fell to 96.1 this month, from a revised 101.4 in October.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 7% in the year that ended in September, up from a 5.8% annual rate the prior month, and the highest monthly increase since 2014.

European hotel giant Accor is betting big on lifestyle hotels, agreeing to merge its boutique properties with a U.K. company to create what it says will be the world's largest operator of lifestyle hotels.

Best Buy shares fell after the electronic chain warned that fiscal fourth quarter sales growth would lag brisk rates in the third quarter, which was helped by online shopping. Still, Best Buy said it saw strong demand in early November, reflecting the popularity of new PlayStation and Xbox consoles, and from early Black Friday deals.

Spice maker McCormick & Co. agreed to buy hot-sauce maker Cholula for about $800 million from investment firm L Catterton, seeking to capitalize on record demand for spicy condiments.

Write to Rob Curran at

(END) Dow Jones Newswires

11-24-20 1853ET

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