Shares of industrial and transportation companies rose ahead of President elect Joe Biden's inauguration.

Shares of auto maker General Motors surged after reports that software giant Microsoft would invest in its driverless-car startup Cruise as part of a strategic tie-up.

Freight powerhouse FedEx plans to cut up to 6,300 jobs in Europe as it completes the process of combining its Express network with the package-delivery operations of its TNT unit.

Investors have favored cyclical, "value" sectors like industrials in recent weeks, according to one brokerage.

"A tale of two tapes captured the narrative last week as growth and value stocks traded in different directions," said strategists at brokerage Piper Sandler, in a note to clients.

"Rising expectations for additional stimulus underpinned" momentum in value sectors, the strategists said.

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

(END) Dow Jones Newswires

01-19-21 1721ET