Shares of industrial and transportation companies rose as investors rotated back into cyclical sectors in light of surprisingly weak tech-sector earnings.
Shares of airlines such as American Airlines and Southwest Airlines rallied even after the companies, two of the largest carriers in the U.S., logged multibillion-dollar losses for 2020 due to the desertion of the skies by tourists during the coronavirus pandemic. Losses were narrower than anticipated and the airlines also caught the eye of day traders gathering on blogging service Reddit who have become a driving force in the stock market in recent sessions.
Shares of Boeing, whose fortunes are closely tied with those of the airlines, recouped some of their recent losses.
Ford Motor will build its iconic Mustang vehicles in China for the first time, in an effort to heighten its profile with Chinese consumers. General Motors has set a 2035 target date for phasing out gasoline- and diesel-powered vehicles from its showrooms globally.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-28-21 1713ET
