Consumer Stocks Extending Day-Long Advance Near Closing Bell

Consumer stocks were ending near the top of the Wednesday leaderboard, with shares of consumer staples companies in the S&P 500 advancing over 1.2% while shares of consumer discretionary firms in the S&P 500 jumped out to an 1.8% increase.

In company news, Mercadolibre (MELI) was higher in late Wednesday trading after analysts at Goldman Sachs today raised their investment call for the Latin American ecommerce platform to Buy from Neutral.

The upgrade follows Mercadolibre early last month reporting Q3 net income of $0.88 per share, beating the Capital IQ consensus by $0.04 per share. Revenue grew to $230.8 million, also topping analyst estimates by around $5.6 million. MELI shares were up nearly 6% today at $166.54 each, retreating slightly from its session high of $167.09 a share.

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