Shares of industrial and transportation companies rose sharply as traders continued to pile into rate-sensitive sectors.
New weekly jobless claims rose to the highest level in nine months. That helped drive the Dow Jones Industrial Average to its seventh straight gain.
"A lot of it comes down to rates...the belief that rates may be cut by the end of the year seems to grow by the day, and the jobless claims helped that significantly," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
Railroad Norfolk Southern's shareholders have been voting in recent days to decide whether to keep Alan Shaw as chief executive or back an activist investor's efforts to overhaul management and take control of the company's board.
Nissan Motor projected a drop in fiscal-year net profit, citing heightened competition and high inflation, after it posted lower quarterly net profit.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-09-24 1724ET
