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Industrials Down As Investors Brace For Rocky Recovery -- Industrials Roundup

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09/18/2020 | 05:58pm EDT

Shares of industrial and transportation companies fell as investors braced for wobbles in the U.S. economic recovery.

The broad market has weakened because of the recent cooling-off of the red-hot technology trade, said one strategist.

"You had a...relentless rise, and you take that and then you bring it to a September where you have concerns over the virus, concerns over the election, an extended overbought market and you have the [historically] worst month of the calendar facing you, and this is what you get," said Quincy Krosby, chief market strategist at Prudential Financial.

Danish shipping giant AP Moller-Maersk A/S said up to 27,000 jobs, or nearly a third of its global workforce, could be affected but didn't say how many of its 80,000 staffers world-wide could be laid off.

Garrett Motion is in talks to sell itself out of bankruptcy to an investment firm, part of the auto supplier's strategy to quell a commercial dispute over asbestos-injury payments with Honeywell International, The Wall Street Journal reported.

 

Write to Rob Curran at rob.curran@dowjones.com


Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK A/S -2.63% 10015 Delayed Quote.4.24%
GARRETT MOTION INC. 6.73% 3.49 Delayed Quote.-65.07%
HONEYWELL INTERNATIONAL INC. -3.06% 170.17 Delayed Quote.-3.86%
PRUDENTIAL FINANCIAL, INC. -3.36% 66.42 Delayed Quote.-29.14%
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