Shares of industrial and transportation companies rallied as traders backed off bets that the global economy was headed for recession.
"There are early signs the U.S. labor market is cooling," which could diminish the risk of an inflationary wage-price spiral, said strategists at money manager UBS Global Wealth Management, in a note to clients.
Shares of Siemens Energy, the former power-plant and energy equipment arm of the German conglomerate, fell slightly after it agreed to buy the part of wind-energy concern Siemens Gamesa Renewable Energy it didn't already own for about $4.29 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-23-22 1731ET
