Industrials up after factory data – Industrial roundup

Stocks of industrial and transportation companies rallied after surprisingly strong factory data.

Industrial production rose 0.4% in September, beating economists’ expectations of a 0.1% gain, according to a Wall Street Journal survey.

French cement company Lafarge has pleaded guilty in federal court in New York to paying Islamic State and an al-Qaeda affiliate to protect its Syrian cement plant, marking what the Justice Department said was the first time he accused a company of supporting terrorist organizations.

General Electric is considering selling its sprawling training academy on the Hudson River, cutting ties with a site that once embodied the company’s managerial prowess.

Shares of defense contractor Lockheed Martin jumped after it said it would return to sales growth in 2024 after addressing supply chain issues and turning growing demand for its military equipment into orders.

A brokerage has predicted a “sluggish” year for global economic growth in 2023. “Europe is entering winter with unprecedented energy inflation, and strict Covid and real estate deleveraging policies continue to cloud the outlook from China,” strategists at brokerage Goldman Sachs Group said in a note. to customers.

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

Comments are closed.