Shares of manufacturing and transportation companies rose on bullishness that the sector would benefit from continued growth in the second half of the year.
One brokerage warned that 2017 may be remembered as the final year of a historically extended bull market as risks of a recession rise. Industrials are among the most cyclical sectors on the stock market. "On the positive side, semiconductors (tech) have seen a big pick-up in earnings growth, while machinery (industrials) earnings are rebounding much stronger than anticipated and airlines are reaping the benefits of lower fuel prices," analysts at Bank of America Merrill Lynch Global Research wrote in a note. "We are more than eight years into the second-longest bull market in history," the BofA analysts wrote. "We see classic late-cycle signs everywhere: elevated stock valuations, a flattening yield curve, levered balance sheets and an increasingly hawkish Fed, for starters."
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-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 30, 2017 17:56 ET (21:56 GMT)