Shares of industrial and transportation companies rose despite weak factory data amid hopes that the U.S. would avert a default.

The New York Federal Reserve's Empire State business conditions index, a gauge of manufacturing activity in the state, plunged 42.6 points in May to negative 31.8, indicating a drastic slowdown in factory activity.

Schneider Electric, one of the world's largest makers of electrical and automation products, is shifting some manufacturing closer to the U.S. from factories in Asia and Europe as it pushes ahead with a regional manufacturing strategy.

Industrial-supplies maker 3M fired President Michael Vale, citing "inappropriate personal conduct and violation of company policy" by the 27-year veteran.


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

(END) Dow Jones Newswires

05-15-23 1726ET