Shares of industrial and transportation companies rallied amid optimism about earnings.
Deere & Co. shares were flat, lagging the broad market, after the agricultural-machinery maker's U.S. production workers went on strike at midnight following a failure to reach agreement on a new labor contract.
Wage disputes look set to increase amid a shortage of labor and rapidly rising consumer prices, a phenomenon that could exacerbate the inflation cycle. "More durable inflation is becoming clearer on the horizon, driven by hard-to-resolve supply chain issues and rising labor costs in particular," said strategists at money manager Guild Investments, in a note to clients.
Boeing has identified a new defect on its 787 Dreamliner involving titanium parts, the latest in a series of production slip-ups that have delayed aircraft deliveries and drawn increased U.S. government scrutiny.
Nippon Steel filed a patent-infringement lawsuit against Toyota Motor, alleging use of stolen technology for a steel material in electric motors.
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(END) Dow Jones Newswires