Shares of retailers and other consumer companies rose after a strong reading of retail sales growth.
Sales at retail stores, restaurants and online sellers rose a seasonally adjusted 0.7% in September from the previous month, the Commerce Department said, reflecting rising demand and prices.
There are some signs that inflation has taken its toll on consumers, however. The preliminary estimate of the index of consumer sentiment from the University of Michigan decreased to 71.4 in October from 72.8 in September.
Aiming to compete with Amazon.com on all fronts, retail giant Walmart is developing a financial technology startup, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-15-21 1706ET
