Shares of industrial and transportation companies rose as slowing increases in supplier prices offered more evidence that inflationary pressures could be easing.
The producer-price index rose 8% on a 12-month basis, down from a revised increase of 8.4% in September and much lower than the 11.7% increase in March.
Investors have fixated on signals about the path of inflation as they try to gauge when the Federal Reserve will moderate its aggressive campaign of interest-rate increases.
The U.S. Department of Transportation is levying penalties against six air carriers that it says were prone to "extreme delays" paying refunds they owed to passengers throughout the pandemic. Five of the carriers which were fined are foreign airlines.
Denver, Colorado-based budget carrier Frontier Airlines was ordered to pay $2.2 million-the largest penalty-and was required to repay $222 million, according to the Transportation Department.
Meanwhile, United Airlines Holdings on Tuesday said it is investing in NEXT Renewable Fuels, a startup that plans a biofuel refinery in Oregon, with expected production beginning in 2026.
The Chicago carrier said its United Airlines Ventures arm could invest up to $37.5 million in NEXT, based on the company meeting certain targets, making it the first U.S. airline to invest in a biofuel refinery.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
11-15-22 1706ET
