Shares of industrial and transportation companies rose after strong earnings.

General Electric shares rallied to one of their biggest daily gains of recent years after the aerospace, power and renewable-energy company reported third-quarter earnings above Wall Street forecasts.

"Demand was a strong earnings theme across General Electric, Coca-Cola, RTX, and General Motors, which could mean good news for other industrials and consumer staples," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group.

Shares of industrial and office supplier 3M rallied after it boosted its 2023 earnings targets.

Sherwin-Williams shares slipped even after the paintmaker boosted its profit projection for the year.

General Motors is abandoning a self-imposed target for the number of electric vehicles it aims to produce through the middle of next year because of softening consumer demand.

The United Auto Workers expanded its strike against Detroit's automakers with a walkout at one of General Motors' largest and most profitable factories, marking the second straight day of escalation by the union.

French tiremaker Compagnie Generale des Etablissements Michelin reported sales growth for the first nine months of the year. RTX rallied after the defense contractor's sales topped Wall Street estimates.

Shares of TrueBlue plunged by more than 20% after the staffing company's third-quarter earnings trailed Wall Street expectations. Shares of heavy-duty truck maker Paccar rose after it reported third-quarter earnings ahead of Wall Street expectations.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-24-23 1746ET