Shares of industrial and transportation companies rose as traders rotated into the sector from technology.
One brokerage said the space sub-sector is set for significant growth, as SpaceX, the dominant force in the industry, prepares for an initial public offering. "The global space economy has reached $600 billion, potentially tripling to $1.8 trillion," said strategists at brokerage Jefferies, in a note to clients. "The U.S. government has effectively outsourced significant space activity to SpaceX, creating an inextricable linkage between federal spending priorities and the company's business."
Germany has pulled out of a stalled stealth-fighter project with France and Spain after failing to resolve a spat between Airbus and Dassault Aviation over which should take the lead on its development, highlighting the challenges Europe faces in rebuilding its militaries as the U.S. reduces its presence on the continent.
Chrysler will recall a group of vehicles over concerns that their electric hydraulic power steering pump wiring may overheat and cause a vehicle fire.
Write to Rob Curran at rob.curran@dowjones.com
