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Sector Update: Consumer Stocks Rise in Afternoon Trading

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Consumer stocks advanced Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.9%.

In sector news, US consumer sentiment declined to a fresh record low in May as people fear that high gasoline prices could erode their purchasing power, University of Michigan said Friday. The main sentiment index tumbled 10% to 44.8 from last month. The consensus in a Bloomberg-compiled poll was for May's print to stay unchanged from a preliminary 48.2 estimate.

In corporate news, Ross Stores (ROST) shares climbed past 6% after the discount retailer lifted its full-year outlook and reported better-than-expected fiscal Q1 results.

Imax (IMAX) shares jumped 15% after The Wall Street Journal reported the company is exploring a sale and has approached entertainment companies as potential buyers.

Estee Lauder (EL) shares rose 9% after the cosmetics company and Puig said late Thursday they have ended discussions over a potential merger.

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