Industrials Up on Rotation Back Into Cyclical Areas -- Industrials Roundup
Shares of manufacturing and transportation companies rose as traders rotated back into economically cyclical sectors late in the session. The "high-velocity" selloff in cyclical equities was triggered by last week's report of wage inflation and the volatility is now feeding on itself, according to one market expert. "Markets go up and markets go down," said Quincy Krosby, chief market strategist at Prudential Financial. "What we're seeing is a normalization of interest rates, which has been one of the primary pillars of this equity bull market." Shares of freight-shipping lines United Parcel Service and Federal Express fell after The Wall Street Journal reported that Amazon.com is launching its own delivery service to compete directly with them.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
February 09, 2018 16:30 ET (21:30 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.