Shares of manufacturing and transportation companies rose amid optimism about the outlook for tax reform and interest rates.
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The Trump administration and top congressional officials intend to release a more detailed tax plan in the next few weeks, Treasury Secretary Steven Mnuchin said in an interview with The Wall Street Journal on Thursday.
In a good sign for the freight shipping industry, which was brought to it knees during the commodities bust, Cosco Shipping, the world's third-biggest container operator, said it swung to a $283 million profit in the first half of the year, helped by higher freight rates and demand. Cosco, which recently closed a $6.3 billion takeover of Hong Kong rival Orient Overseas Container Lines, is looking to spend at least another $1 billion on acquisitions, as reported earlier.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
August 31, 2017 16:36 ET (20:36 GMT)