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Industrials Up On Vaccine Optimism -- Industrials Roundup

11/09/2020 | 04:40pm EST

Shares of industrial and transportation companies rose on optimism about vaccine development.

"Right out of the gate, coronavirus phase 3 vaccine results are having everyone start to bring forward their forecasts for pre-pandemic behavior," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients.

Shares of Boeing and plane-engine maker General Electric rose sharply on hopes that promising results from Pfizer and BioNTech's Covid-19 vaccine foreshadowed a reawakening of the airline industry.

The European Union will impose tariffs on $3.99 billion of Boeing jets and other U.S. goods annually as part of a long-running trade dispute, the bloc's trade chief said Monday.

Shares of package-delivery giants FedEx and UPS slipped as consumer demand for package delivery was seen as levelling off.

General Motors plans to hire 3,000 new workers to bolster its engineering and software-development expertise, the latest automaker to bulk up on tech talent as competition with Silicon Valley intensifies amid interest in self-driving and electric vehicles.

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

(END) Dow Jones Newswires

11-09-20 1639ET

Stocks mentioned in the article
ChangeLast1st jan.
FEDEX CORPORATION -1.45% 252.56 Delayed Quote.-2.72%
GENERAL ELECTRIC COMPANY -2.83% 11.33 Delayed Quote.4.91%
GENERAL MOTORS COMPANY -3.03% 49.97 Delayed Quote.20.00%
PFIZER INC. -0.14% 36.7 Delayed Quote.-0.30%
THE BOEING COMPANY -2.66% 204.32 Delayed Quote.-4.55%
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