Shares of manufacturing and transportation companies fell amid trepidation on the outlook for interest rates.
In a good sign for the factory sector, industrial production -- a measure of output at factories, mines and utilities -- increased a seasonally adjusted 0.3% in September from the prior month despite the ravages of Hurricanes Harvey and Irma on activity on the Gulf Coast, according to Federal Reserve data. That data came a session after a report that an index of manufacturing activity in New York state registered its highest reading since 2014.
Investors are becoming increasingly optimistic on the outlook for U.S. and global economic growth.
"For the first time in six years, Goldilocks trumps secular stagnation, with a record high 48% of investors surveyed expecting above-trend growth and below-trend inflation; the number of fund managers expecting below-trend growth and below-trend inflation fell 11 percentage points from last month to 34% in October," said analysts at brokerage Bank of America Merrill Lynch Global Research, in a note to clients.
Airbus agreed to take a majority stake in Bombardier's CSeries jet project, effectively pulling the Canada's Bombardier into the European plane maker's competitive struggle against Boeing.
Rob Curran, email@example.com
(END) Dow Jones Newswires
October 17, 2017 17:59 ET (21:59 GMT)