Shares of retailers and other consumer companies rose slightly amid hopes that the worst of the Covid-19 pandemic was past for the sector.
Hyatt Hotels shares rose even after the hotelier said it swung to a loss in the fiscal second quarter, as revenue declined more than 80%. On a comparable basis, revenue per available room -- a key industry metric -- plunged by 89% during the quarter ended June 30.
Among the reasons for investor optimism was a moderation of the rate of coronavirus case-count growth. "On the virus front, encouraging signs are emerging as many hotspots are seeing slow improvements," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.
"New cases and hospitalizations are declining in most second wave states, but this will need to improve more strongly for optimism to grow for schools to have a successful school opening in September."
The parent company of women's apparel retailer New York & Co. has found a potential buyer offering $20 million for the intellectual property and e-commerce business of two of its brands as its brick-and-mortar retail operations wind down. RTW Retailwinds reached a deal for apparel company Sunrise Brands to serve as the lead bidder, or stalking horse, for the sale of its e-commerce business and all related intellectual property of New York & Co. and Fashion to Figure.
Earlier this week, one of the oldest American department stores, Lord & Taylor, filed for bankruptcy, alongside the digital fashion group that owned it.
Write to Rob Curran at rob.curran@dowjones.com
