Shares of industrial and transportation companies rose amid optimism about earnings season.
Analysts at brokerage Bank of America Global Research said the sector may be close to an "inflection point.
"[S&P 500] companies' real sales growth is expected to remain negative, hurt by the goods/manufacturing downturn (50% of S&P earnings)," said the Bank of America analysts. "But there are early signs of inflection - e.g. Korea exports, rail carloads, PMI new orders/inventories."
Industrial supplier 3M plans to freeze the company pension plan for nonunionized workers in favor of a 401(k). While workers will keep benefits that they have accrued so far, new contributions will end in 2028.
Japanese motorcycle and car maker Maruti Suzuki plans to invest about $4.21 billion to build a new automobile production plant in India's Gujarat state.
Boeing recouped a modicum of its hefty losses related to the latest issues with its 737 MAX jet. Alaska Air Group cancelled all flights using Boeing's 737 Max 9 jets through Saturday for safety inspections.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-10-24 1739ET
