Shares of industrial and transportation companies rose as traders bet that lukewarm jobs data would dissuade the Federal Reserve from changing its loose monetary policy stance.
About 266,000 workers were added to nonfarm payrolls in April, far shy of economists' estimates of roughly one million additions. The data followed a moderation in the Institute for Supply Management's gauge of factory activity. "Activity has waned in April following the stimulus-fueled boom in March," said economists at brokerage Bank of America Securities. "The Fed will continue to sit tight."
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(END) Dow Jones Newswires