Shares of industrial and transportation companies rose amid optimism about the prospects of a stimulus deal ahead of the election.
Aerospace and defense companies rose in anticipation of a boost from fiscal spending. Shares of Boeing, General Dynamics and Raytheon Technologies rose in sympathy.
Northrop Grumman ticked down, even after it posted surprisingly strong earnings and revenue growth. There was a clear link between the stocks leading the market and the likely beneficiaries of a purported stimulus deal, said Joe Kinahan, chief market strategist at TD Ameritrade.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-22-20 1652ET
