Shares of manufacturing and transportation companies rose as traders interpreted the Federal Reserve's rate-hiking bias as a vote of confidence in the economic outlook. Federal Reserve Bank of New York President William Dudley said Monday a gradual pace of rate increases will help prolong the economic recovery. At the Paris air show, Boeing launched a new version of its single-aisle jetliner with more than $16 billion in deals. General Electric plans to resume growing its big aircraft-leasing business, ordering more jets and sealing a $2 billion joint venture that will allow it to do additional business with fast-growing airlines in Asia. Shares of package-delivery concern United Parcel Service said it will tack a surcharge onto most online orders shipping around the Black Friday shopping weekend and during the week before Christmas for the first time. UPS has struggled to digest the sharp increases in hiring and vehicle usage required during the holiday-season rush.
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(END) Dow Jones Newswires
June 19, 2017 16:30 ET (20:30 GMT)