Shares of retailers and other consumer companies rose as investors hedged their bets on the outlook for economic growth.

"A noticeable divide exists between the near-term and long-term outlook," said Bob Doll, chief equity strategist at money manager Nuveen Investments, in a note to clients, citing uneven economic data such as weak retail sales data and a recent up-tick in new unemployment claims.

"Over the coming months, we think the sharp acceleration in coronavirus cases and the mounting economic restrictions and lockdowns (whether imposed by policymakers or self-imposed by businesses and individuals), are likely to translate into a period of rockier economic growth.

Beyond that point, however, the outlook is brighter. The good news surrounding vaccine effectiveness and the prospects for widespread distribution in the first half of 2021 should improve economic mobility."

General Motors said it will no longer back the Trump administration in its legal battle to strip California's authority to set its own fuel-efficiency regulations, signalling support for a shift to green policies under the Biden administration.

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

(END) Dow Jones Newswires

11-23-20 1723ET