Shares of manufacturing and transportation companies rose after the Federal Reserve boosted its projection for economic growth. The central bank now expects economic output to rise 2.4% this year, versus a projection of 2.2% in June. A.P. Moeller-Maersk said it would sell its oil tanker unit to its controlling shareholder for $1.17 billion, the latest move by the Danish shipping and energy conglomerate to focus on its core container shipping operations. Economically sensitive areas of the stock market are likely to respond to a prolonged debate over tax reform, according to one brokerage. "The US Congress is about to seriously embark on tax reform, a tall order given that the last real tax reform in the US was in 1986, 31 years ago," said analysts at brokerage Nomura Securities, in a research note. "Markets are focused on this issue as tax reform has implications for the fiscal outlook, the economic outlook, and Federal Reserve policy. The volume of media and market coverage surrounding tax reform is likely to surge over the next several months, but a clear resolution on what would ultimately pass will unlikely emerge until early next year." General Electric is grounding its corporate fleet of jets as new Chief Executive John Flannery seeks cost cuts.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
September 20, 2017 16:49 ET (20:49 GMT)