Industrials Up Amid Trade-Deal Hopes, GE Deal -- Industrials Roundup
22 May 2018 - 7:08AM
Dow Jones News
Shares of manufacturing and transportation companies rose
sharply amid relief about trade tensions and a major deal in the
sector. Treasury Secretary Steven Mnuchin signaled progress in
talks with China by saying the U.S. had withdrawn proposed tariffs
on Chinese imports, for now. "Industrials might have had a few high
profile earnings hiccups, but the reality is with a trade war now
firmly on the back burner, we are seeing the economically sensitive
industrials taking charge," said Ryan Detrick, senior investment
strategist at brokerage LPL Financial. "This is a welcome change
and one that continues to suggest 'selling in May' might not be the
best strategy in 2018." Shares of General Electric rallied after
the industrial conglomerate agreed to merge its railroad business
with rival Wabtec in a deal valued at roughly $11 billion in new GE
Chief Executive John Flannery's first major move as part of his
turnaround plan.
-Rob Curran, rob.curran@dowjones.com
(END) Dow Jones Newswires
May 21, 2018 16:53 ET (20:53 GMT)
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