Industrial shares rose as the consumer-price index showed slowing inflation, while the Federal Reserve held rates steady and officials indicated they would remain patient.

FedEx said it would remove between 1,700 and 2,000 positions in its European back-office and commercial teams. Operations would be consolidated in countries that are best aligned with its needs and existing real-estate footprint, the company said.

Caterpillar added $20 billion to its share repurchase authorization and increased its quarterly dividend by 8%. The heavy equipment maker said the addition brings the total buyback program to $21.8 billion worth of its common stock.

Write to Patrick Sullivan at

(END) Dow Jones Newswires

06-12-24 1624ET