Shares of industrial and transportation companies rose amid upward momentum and optimism about Federal Reserve policy.
Cyclical sectors have lagged the broad market in recent weeks. "Fears about inflation and Fed actions have reignited in recent weeks due to hotter-than-expected economic reports and persistent hawkish chatter from Fed members," said Jim Paulsen, a longtime Wall Street strategist who is now an independent analyst.
"In my view, the problem isn't that inflation is showing 'significant' signs of reaccelerating. Rather, widespread apprehension and obsession with inflation seems increasingly tied to 'the 2% rate,' which the Fed ordained as sacrosanct in measuring success in its fight against inflation."
Leaders of Railroad Norfolk Southern were dealt a heavy blow in their proxy fight with activist investor Ancora Holdings after proxy advisory firm Glass Lewis endorsed six of the investment firm's eight proposed board nominees.
GE Aerospace shares rose, building on upward momentum from earnings season.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-29-24 1758ET
