Industrials Up On Tax-Cut Hopes, Economic Data -- Industrials Roundup
Shares of manufacturing and transportation rose as traders bet the sector would benefit from an acceleration in economic growth and a reduction in taxes.
Recent data on gross-domestic product and consumer spending indicate that the U.S. economic growth is accelerating, boding well for demand on building materials and other heavy equipment. Americans' spending grew 0.3% in October after rising at the quickest pace in eight years the prior month, the Commerce Department said Thursday.
Meanwhile, progress on the tax bill suggests that more stimulus could be on its way in the form of corporate tax relief. Senate Republicans are amassing support for their bill, and Arizona Senator John McCain, a dissident Republicans voice on health care and other issues, said he would support the $1.4 trillion tax cut.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
November 30, 2017 16:32 ET (21:32 GMT)