Industrials Down as Cyclical Rally Pauses -- Industrials Roundup

FeaturesDow Jones Newswires

Shares of manufacturing and transportation companies fell as a rush into cyclical sectors paused. One strategist said any correction in economically sensitive stocks is likely to be temporary.

"We can identify possible warning signs and think a correction is probably likely at some point, but fundamentals suggest that equity prices still have room to advance," said Bob Doll, chief investment strategist for money manager Nuveen Investments. "Improving economic sentiment and stimulus from the tax bill are keeping the probability of a recession very low."

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U.S. defense executives urged lawmakers and federal officials to let them invest the windfall from new tax rules in weapons research rather than on lower prices for the Pentagon.

Lockheed Martin said it expects its tax rate to fall by more than a third, to below 18%, and pledged to boost investment in new weapons and training.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

January 29, 2018 16:23 ET (21:23 GMT)

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