Shares of retailers and other consumer companies rose as economic optimism offset weakness among consumer-staples giants. Shares of Procter & Gamble declined after the maker of Tide detergent and Pampers diapers said average prices on its products fell in the most recent quarter for the first time since 2011, as it launched a market-share battle with rivals. The price war may have taken its toll on rival Kimberly-Clark, which said it will cut about 13% of its global workforce, or at least 5,000 jobs, with lower prices and a tendency among women in the U.S. to have fewer babies weighing on its sales. Shares of home-appliance maker Whirlpool rose after reports that President Donald Trump is imposing tariffs on imports of solar panels and washing machines. The maker of home appliances said it is adding 200 workers at its Ohio manufacturing plant in anticipation of increased demand.
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(END) Dow Jones Newswires
January 23, 2018 16:27 ET (21:27 GMT)