Shares of industrial and transportation companies rose after mixed durable-goods orders data.
Orders for manufactured goods jumped 5.6% in December because of a wave of Boeing jet sales. The rise in the transportation category masked weakness elsewhere, including a drop in business investment. Excluding the transportation category, new orders fell 0.1% last month.
Similarly, U.S. gross-domestic product expanded 2.9% in the fourth quarter, according to the Commerce Department, even as some measures showed signs of weakening at the year-end.
Chemicals giant Dow was flat after it warned that it was laying off about 2,000 employees globally as job cuts that have so far been concentrated in the technology sector spread to other parts of the economy.
Mixed messages from the jobs market could keep the Federal Reserve concerned about inflation dangers, said one strategist. "Until the labor market shows actual signs of weakening and not just planned layoff announcements, stocks will struggle to form a sustained rally," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group, in a note to clients.
Shares of Packaging Corp. of America rallied after the container products producer posted fourth-quarter earnings in excess of Wall Street targets.
European jet maker Airbus is recruiting over 13,000 new staffers to accelerate production of its commercial jets amid delivery delays and rising demand for new aircraft.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-26-23 1729ET
