Consumer companies rallied as luxury firms continued to show promise.
Gucci owner Kering expects profit to take a hit this year from planned investments in its fashion houses, but shares rose amid optimism about its plans to burnish the Gucci brand.
Shares of Michael Kors and Coach owner Tapsetry rose after it logged better-than-anticipated earnings growth.
Cosmetics concern L'Oreal said it was confident it would outperform the market this year despite logging sales and profits below analysts' forecasts.
Shares of Kellanova, formerly known as Kellogg, climbed as the snacks and cereal company, whose brands include Pop-Tarts, Cheez-It and Special K, beat fourth-quarter profit expectations, with price increases offsetting a decline in volume. Chocalatier Hershey fell after the fourth-quarter earnings beat.
Spirit Airlines is working with advisers to address its debt maturities after a proposed acquisition by JetBlue Airways was blocked last month, The Wall Street Journal reported.
In a good sign for consumer spending, weekly jobless claims fell by 9,000 to 218,000. "The tight labor market is keeping unemployment claims low," said Jeffrey Roach, chief economist for brokerage LPL Financial. "Workers who experience job loss have plenty of opportunity to find other options, thereby avoiding the necessity of unemployment benefits."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-08-24 1738ET
