Shares of industrial and transportation companies fell, but not by as much as the broad market, after a strong manufacturing report and earnings from General Electric.
Orders for cars, appliances and other durable goods increased 0.8% in June, signaling continued strength in the U.S. economy as manufacturers continue to deal with shortages in parts and labor and confront higher material costs.
New orders for products meant to last at least three years increased 0.8% to a seasonally adjusted $257.6 billion in June from the previous month, the Commerce Department said.
Shares of General Electric rose after the manufacturing conglomerate posted operating earnings ahead of Wall Street targets, bringing its gains for the year to date to about 25%, as turnaround plan appears to be paying off.
Shares of defense contractor Raytheon Technologies rose after it reported earnings ahead of expectations.
United Package Service fell as it shipped fewer packages in the latest quarter, a sign consumers were returning to in-person shopping.
Factory activity in the MidAtlantic region appears to be increasing as the Fifth District Survey of Manufacturing Activity's composite index came in at 27 in July, up from 26 in June, according to the Richmond Federal Reserve.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-27-21 1635ET
