Consumer Cos Down as Walmart Boosts Wages — Consumer Roundup

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Retailers and other consumer companies fell amid concerns about rising costs.

Walmart shares were flat after the nation’s largest employer said it would raise hourly wages for American workers by $2 to $14 an hour, closer to the levels paid by rivals such as Target and Amazon.com.

Deep discounter Dollar Tree has said it will replace CEO Michael Witynski with the former head of rival Dollar General, Richard Dreiling.

One brokerage said there were signs that the housing market is ready to rebound. “After a nearly 20% decline in residential fixed investment in 2022, the sharpest downturn for the US housing market is now behind us,” said economists at brokerage Goldman Sachs Group, in a note to -customers.

“Mortgage purchase applications have averaged 9% above their October trough so far in January and survey-based measures of purchase intentions have rebounded sharply.”

Shares in Sotherly Hotels rose sharply as it reinstated its quarterly preferred stock dividend, which it said was facilitated by a recovery in its business.

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

(END) Dow Jones Newswires

01-24-23 1727ET

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