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.
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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)