Shares of industrial and transportation companies rallied as concerns about the implications of a “second wave” of coronavirus infections for the U.S. economic outlook faded.
Manufacturing activity in Texas rebounded in June, with the Dallas Federal Reserve’s production index entering positive territory at 13.6 after standing at minus 28 in May, despite a recent surge in Covid-19 infections in the Lone Star state.
Concerns that a spike in cases in Texas, Florida and California would hamper the economic rebound were assuaged somewhat by that data, and by reports of a surge in home-sales contract signings in May.
Boeing shares rallied after reports that the Federal Aviation Administration would begin test flights of the long-grounded 737 MAX jet as soon as Monday.
Write to Rob Curran at [email protected]
