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Consumer Cos Climb On Spending View -- Consumer Roundup

07/12/2021 | 03:13pm EDT

Shares of retailers and other consumer companies rose as traders bet consumer spending would continue to increase.

A sharp increase in travel and other leisure activities in recent months has caused a rebound in spending in recent weeks.

"The service economy continues to fire on all cylinders, evident in restaurant bookings, flights volumes and hotel occupancy rates," said analysts at brokerage Jefferies, in a note to clients.

Flipkart, the Indian e-commerce startup backed by Walmart, has jumped in value to nearly $38 billion, with a fundraising supported by Japan's SoftBank Group and some major sovereign investors.

Golfing concern Drive Shack signed up the investment firm owned by Rory McIlroy as a backer of its Puttery facilities, the first of which will be located in Dallas and Charlotte.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-12-21 1713ET

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