Industrials Up on Strong Data, Earnings -- Industrials Roundup

Shares of industrial and transportation companies rallied after strong earnings and data.

Orders for manufactured goods rose 2.8% in September, the Commerce Department said.

Shares of Italian car maker Ferrari surged after it boosted its 2023 earnings projection based on higher-than-anticipated demand for its coveted sports cars.

"People are still spending money, that's what it comes down to," said JJ Kinahan, chief executive of IG Markets North America and president of its brokerage tastytrade. Lower interest rates will lead to a lower cost of capital, which could spur spending for corporations and consumers, Kinahan said.

Toyota Motor is recalling more than 1.8 million RAV4 vehicles over a potential fire risk, the company said.

Rockwell Automation shares slipped after the maker of automated-manufacturing equipment posted earnings short of some Wall Street targets.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

11-02-23 1811ET