Shares of industrial and transportation companies rose amid signs of accelerating production at U.S. factories.
Production increased by 0.9% in December, after growing by a revised 0.2% in November, the Fed said. The November figure was amended from a previous estimate that stated production contracted that month.
The Philadelphia Federal Reserve's gauge measuring manufacturing activity in industrialized Pennsylvania jumped to its highest level in almost four years, a symbol of the improved confidence among firms ahead of President-elect Donald Trump taking office.
The December producer price index and the core consumer-price indexes of inflation showed more muted price gains than economists had anticipated.
The United Nations financial agency, the International Monetary Fund, raised its estimate for full-year U.S. growth in 2025 to 2.7%, up from 2.2% in the previous round of projections from October. Meanwhile, growth expectations for big European economies such as Germany's, France's and Italy's were all downgraded, as was Canada's.
The scope of any tariffs President-elect Donald Trump imposes on Canada next week will guide monetary policy in one of the U.S.'s largest trading partners, said economists at brokerage BMO Capital Markets.
Saab said it expects 2024 sales growth to beat company guidance as it experienced a stronger-than-expected final quarter of the year.
Fastenal shares were more or less flat after the maker of tools and other industrial supplies posted earnings shy of some investors' expectations.
The National Highway Traffic Safety Administration is launching an investigation into General Motors after it received numerous complaints alleging engine failures in several of the automaker's models.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-17-25 1756ET