Consumer Cos Add to Fed Gains -- Consumer Roundup

Consumer companies added to gains amid signs that the Federal Reserve's pivot on interest rates has already lit a fire under the housing market.

Used home-sales surged 9.5% to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors said. The property market had stalled during the Fed's inflation-fighting rate-hike campaign, which spurred mortgage rates.

The Bank of England held its key rate steady at a 16-year high hours after Switzerland became the first rich country to reduce interest rates since central banks started a historic campaign two years ago to tame high inflation.

Korean Air Lines said it would sign a contract with Airbus to procure 33 A350 wide-body jets in a deal valued at $13.7 billion, as the airline seeks to strengthen its long-haul fleet while it gradually retires older aircraft.

Clorox plans to sell units with operations in Argentina, Uruguay and Paraguay, to a consortium led by investment firm Apex Capital and Diego Barral, former Clorox executive.

Nike shares rose ahead of the athletic-wear maker's earnings report.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

03-21-24 1745ET