Shares of manufacturing and transportation companies rose as traders bet the rebound in freight shipping rates worldwide would continue. The Baltic Dry Index, an average of various bulk shipping rates rose sharply and is now up more than 40% for the year to date. In another good sign for the global growth outlook, maker of construction and mining machinery Caterpillar forecast 15% industry growth in the construction industry this year, driven by building activity worldwide in roads, housing and airports. Industrial-equipment maker Dover said it was exploring strategic alternatives for its upstream energy businesses, including a possible spinoff or sale. Dover said it is considering the options for several energy-oriented businesses, including Dover Artificial Lift, Dover Energy Automation, and US Synthetic, though it plans to retain compression and bearings businesses. Force Motors rose after the Indian engineering concern entered a joint-venture with Rolls-Royce Power Systems to produce engines for power generation and rail.
-Rob Curran, firstname.lastname@example.org
Continue Reading Below
(END) Dow Jones Newswires
September 12, 2017 16:21 ET (20:21 GMT)