Shares of industrial and transportation companies fell, but not by as much as the broad market, after strong factory data U.S. industrial production rose last month, as output continued its slow climb back from deep declines last spring due to pandemic-related shutdowns.
The Federal Reserve on Tuesday said its index of industrial production-a measure of output at factories, mines and utilities-rose a seasonally adjusted 1.1% in October, following a revised 0.4% decline in September.
In a good sign for global freight traffic and the holiday shopping season, Danish container shipping line AP Moeller-Maersk boosted its projection for earnings before interest, taxes, depreciation and amortization to a range of $8 billion-to-$8.5 billion, $1 billion above the prior range, citing increased volumes and freight rates in the fourth quarter as western retailers continue to restock after coronavirus lockdowns.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
11-17-20 1624ET
