Shares of industrial and transportation companies rose as investors piled into economically cyclical areas.
General Electric shares rose sharply after analysts at brokerage UBS boosted their rating on the manufacturing conglomerate, saying it's unlikely GE will dilute shares with a follow-on offering, and that long-term investors could reap significant gains despite likely impairments in the short term.
BYD, a Chinese electric-car maker turned mask producer, said it had secured a second reprieve on a troubled $1 billion deal to sell N95 masks to the state of California after missing a Sunday deadline to win a required federal certification. Byd has faced delays in delivering hundreds of millions of masks.
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