Shares of industrial and transportation companies rose after strong earnings.
GE Aerospace soared after the maker of plane engines, formerly known as General Electric, posted fourth-quarter earnings ahead of Wall Street targets and boosted its dividend.
"Ever since GE left the Dow and broke up, they've been an amazing company!" said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade. The GE Aerospace strength is part of a broader positive tone to the earnings season, Kinahan said.
Trucking giant Knight-Swift Transportation swung to a profit in the fourth quarter as pricing trends held strong despite hurricane and port strike disruptions.
LG Electronics returned to a net loss in the fourth quarter after three consecutive profitable quarters, as weak demand and higher logistics costs continued to weigh on its earnings.
Hyundai Motor reported weaker-than-expected net profit for the fourth quarter amid a decline in vehicle sales, with increased provisions for a warranty program in the U.S. also weighing on the bottom line.
Freight railroad Union Pacific is benefiting from improvements in fuel efficiency and lower diesel prices.
Korean auto maker Hyundai Motor logged weaker-than-expected net profit for the fourth quarter amid a decline in vehicle sales, with increased provisions for a warranty program in the U.S. also weighing on the bottom line.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-23-25 1809ET