Consumer companies rose amid anticipation of a drop in mortgage rates.
The Federal Reserve penciled in three, quarter-of-a-percentage-point, rate cuts for 2024, alleviating fears that the central bank would leave rates "higher for longer."
Shares of Lifeway Foods, a processor of kefir and other fermented foods, rose sharply after the company reported fourth-quarter earnings that were higher than the same quarter last year.
Shares of General Mills jumped after the consumer-foods company reported a fiscal third-quarter profit that rose above expectations, as price increases and cost savings helped offset volume declines.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-20-24 1741ET
