Shares of industrial and transportation companies rose amid signs that the artificial-intelligence boom was shielding the sector from slowdowns elsewhere.
Caterpillar shares rallied after the maker of construction and mining machinery said demand for generators boosted its quarterly earnings growth. Similarly, Carrier Global rose after demand for cooling equipment from data centers offset weakness in residential air-conditioning sales.
The proposed $71.5 billion merger between Union Pacific and Norfolk Southern to form a coast-to-coast railroad run by a single operator will have a projected 39% of the market share of rail freight in the U.S., the two railroads said. The companies on Thursday resubmitted their merger application to U.S. regulators, this time including a description of conditions that would compel Union Pacific to walk away from the merger.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-30-26 1742ET
