Shares of industrial and transportation companies led the market higher as data showed U.S. factory orders rose 1.1% in September to mark the fifth-straight gain, pointing to a steady recovery in the manufacturing segment of the economy.
Economists polled by MarketWatch had forecast a 1% increase.
Shares of gun makers rallied on Election Day, suggesting investors may be anticipating a Biden victory.
Meanwhile, shares of major cruise-line stocks have gotten a boost over the last few days as the Centers for Disease Control and Prevention lifted their sailing ban for U.S. cruise voyages as of Nov. 1. Shares of Royal Caribbean Group are up nearly 7% since Thursday on the news that its U.S. operations can prepare to resume, while shares of Carnival and Norwegian Cruise Line Holdings are both up roughly 5% over the same period.
The expiration of the “no sail” order, originally put into place in the spring, is perhaps the first piece of good news the battered industry has received since the first wave of Covid-19 hit the U.S. But cruise lines still have to clear a number of hurdles before they are fully cleared to sail, and the uncertain political climate suggests the favorable winds could turn just as quickly as they came.
Write to Amy Pessetto at [email protected]
(END) Dow Jones Newswires
11-03-20 1729ET
