Shares of manufacturing and transportation companies rose amid bets a strong private-sector jobs report and a reading on industrial expansion were a signs of a pickup in economic activity.
The Institute for Supply Management on Thursday said its closely watched index of U.S. manufacturing activity inched ahead to 54.9 in May from 54.8 in April.
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Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund warned that stock-market bets on an acceleration in economic growth that began with the election of Donald Trump could soon end in a correction. "The 'reflation' trade is not working as Trump's major fiscal reform isn't happening and instead we might get an impeachment attempt," said Mr. Di Mattia.
Deere & Co. bought a construction-equipment maker, its first acquisition outside the farming industry for the first time in years as American agriculture remains under pressure. Deere agreed to buy Germany's privately held Wirtgen Group for about $4.89 billion.
-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
June 01, 2017 16:25 ET (20:25 GMT)