Shares of retailers and other consumer-services companies fell after the Federal Reserve was less aggressive with rate-cutting plans than anticipated. In one sign that U.S. property market has received a lift from a retreat in mortgage rates, housing starts, a measure of new-home construction, reportedly climbed 12% in August from the prior month to a seasonally adjusted annual rate of 1.364 million. But shares of homebuilders were more or less flat as the Federal Reserve's statement dampened hopes for further declines in mortgage rates. General Mills shares ticked down after the purveyor of classic packaged foods including Cheerios, Hamburger Helper and Betty Crocker cake mix, posted sales weakness in the latest quarter.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
September 18, 2019 17:06 ET (21:06 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.