Shares of manufacturing and transportation companies rose as hopes of a tax-cut package offset a weak earnings report from General Electric. Shares of GE slid most of the session after the conglomerate slashed its 2017 earnings projections and as new Chief Executive John Flannery vowed to exit more than $20 billion-worth of businesses. Shares recovered by the close, gaining 1% on the day. Shares of Volvo rallied after the Swedish truck maker reported better-than-forecast third-quarter earnings. Activist investor Daniel Loeb's Third Point took a stake in industrial conglomerate Dover, calling on the company to spin off its energy business and improve results.
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(END) Dow Jones Newswires
October 20, 2017 16:31 ET (20:31 GMT)