Shares of industrial and transportation companies rose as data showed industrial production in the U.S. rising to pre-pandemic levels in August, although persistent supply constraints and shutdowns related to Hurricane Ida weighed on activity in some sectors.
Industrial production -- which includes factory, mining and utility output -- rose at a seasonally adjusted 0.4% in August compared with the previous month, according to data from the Federal Reserve.
In deal news, Kansas City Southern agreed to sell itself to Canadian Pacific Railway in a cash-and-stock transaction that gives it a roughly $31 billion enterprise value, including $3.8 billion in debt, the companies said. The agreement comes after Kansas City Southern said Canadian Pacific's offer is superior to the one it had accepted from Canadian National Railway.
Raytheon shares rose after CEO Greg Hayes says the Delta variant hasn't derailed the recovery of its airline spares and repair business.
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(END) Dow Jones Newswires