Shares of industrial and transportation companies rallied after a strong revision of U.S. economic growth and a surprisingly large drop in jobless claims spurred a rotation into value sectors.
Gross domestic product was raised to 4.3% from the previous reading of 4.1%, mostly because of somewhat higher exports and business investment, revised government figures showed. New weekly unemployment applications hit a post pandemic low.
Laser technology maker Coherent agreed to a buyout offer from optical-components maker II-VI at a slightly lower price to a revised offer from laser chip maker Lumentum.
Boeing was ejected from a contest to provide the U.S. with a new, roughly $12 billion, anti-missile defense system after the Pentagon selected Lockheed Martin and Northrop Grumman, a setback to the company's efforts to rely on its military business for more revenue.
Space-infrastructure company Redwire unveiled plans to go public through a combination with blank-check company Genesis Park Acquisition.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-25-21 1656ET
