Shares of manufacturing and transportation companies edged lower after a closely watched gauge of U.S. manufacturing activity dipped in October after hitting its highest level in 13 years but continued to signal healthy growth.
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The Institute for Supply Management said its manufacturing index fell to 58.7 in October. A reading above 50 indicates activity is expanding across the factory sector, while a number below 50 signals contraction.
General Electric Co. lifted the veil slightly on a part of its accounting that analysts have said was too opaque, spotlighting how changes in one group of its assets help to lift profits. The company provided new details about its so-called contract assets in its latest quarterly report filed late Monday. These are assets based on revenues GE books on long-term contracts before it has the cash in hand, for things such as servicing power plants and building complex equipment such as gas-power systems. That portfolio has risen 18% this year to $29.8 billion.
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(END) Dow Jones Newswires
November 01, 2017 17:38 ET (21:38 GMT)