Shares of retailers and other consumer companies rose after relatively strong readings of jobs growth and consumer confidence. Nonfarm payrolls rose a seasonally adjusted 228,000 in November, the Labor Department said Friday. While the pace of growth was slightly down from October hiring, which reflected a snapback in economic activity in the wake of late-summer hurricanes, it remained well above the pace earlier this year. The University of Michigan said its consumer-sentiment index was 96.8 in early December, down from 98.5 in November and its October level of 100.7, which had been the highest since January 2004. "The benefits Marriott has achieved via its Starwood acquisition [in 2016] highlight the power of Lodging mergers-and-acquisitions," said analysts at brokerage Morgan Stanley, in a research note. Further consolidation is "a possible means to create value in a low revenue-per-available-room" environment, said the Morgan Stanley analysts.
-Rob Curran, firstname.lastname@example.org
Continue Reading Below
(END) Dow Jones Newswires
December 08, 2017 16:17 ET (21:17 GMT)