Consumer stocks were rising, with shares of consumer staples companies in the S&P 500 climbing about 0.3%. Shares of consumer discretionary firms in the S&P 500 were ahead more than 0.5%.
In company news, shares of Newell Rubbermaid Inc. (NWL) rose Wednesday following an upgrade of the kitchenware company to Overweight from Equalweight at Morgan Stanley, citing expected gains in organic sales and earnings growth in upcoming quarters.
NWL shares were ahead 4.5% at $30.28 apiece in recent trade, earlier climbing to a session high of $30.46 a share. The stock has a 52-week range of $24.32 to $32.54 a share, advancing about 15% over the past 12 months.
In other sector news,
(+) ANDE, (+1.8%) Raised to Outperform with a $56 a share price target at BMO Capital, saying it expects company fundamentals to bottom out in Q3.
(-) P, (-2.9%) U.S. Justice Department agrees to request by Broadcast Music Inc and the American Society of Composers, Authors and Publishers to review royalty formula paid by the Internet broadcaster.
