Shares of manufacturing and transportation companies fell, but not by as much as the broad market, after strong data on capital-goods orders. Orders for durable goods--products designed to last at least three years, such as computers and trucks--increased 1.3% from the prior month to a seasonally adjusted $241.36 billion in November, the Commerce Department said Friday.
Traders were also betting that the Trump administration would move on to infrastructure legislation after President Donald Trump signed the tax bill Friday. "We heard it today, and we expect next week that [Mr. Trump] talks more and more about an infrastructure program being introduced and early in the New Year," said Quincy Krosby, chief investment strategist at Prudential Financial. If Mr. Trump continues to push an infrastructure bill, "we'll see more money going into construction industrial metals industrial names--those would be the beneficiaries."
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The composite index from Federal Reserve Bank of Kansas City's latest Manufacturing Survey was 14 in December, down from 16 last month, but still in expansionary territory. Brazilian President Michel Temer said the nation wouldn't allow jet maker Embraer to move into foreign hands, hinting opposition to a reported overture from Boeing, though the politician said there would be support for investment in Embraer.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
December 22, 2017 16:43 ET (21:43 GMT)