Sector Update: Consumer Stocks Gain in Afternoon Trading

MT Newswires Live11-19

Consumer stocks rose Monday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) increasing 0.8% and the Consumer Discretionary Select Sector SPDR Fund (XLY) climbing 1%.

In corporate news, Spirit Airlines (SAVE) filed for Chapter 11 bankruptcy protection with support from a supermajority of its bondholders as the budget airline seeks to reduce debt, attain increased financial flexibility and invest in passenger services. The shares plunged 18%.

Tesla (TSLA) shares popped 4.5%. Bloomberg reported Monday that President-elect Donald Trump's transition team members have informed advisers that they plan to make a federal framework for fully self-driving vehicles one of the Department of Transportation's priorities.

Ford (F) is under investigation by the National Highway Traffic Safety Administration regarding complaints about the inadvertent deployment of the seat belt retractor pretensioner in model year 2019-2020 Ford Expeditions, the regulator said Monday. Ford shares were rising 2.1%.

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