Shares of industrial and transportation companies rose as inflation fears subsided.
Shares of Rheinmetall tumbled after Germany scrapped a $17.2 billion project to build its biggest warship since the end of World War II in the latest sign of the country's rapidly changing priorities as it embarks on a massive rearmament effort. The Defense Ministry said it had decided not to pursue an order for six F126 made-to-order frigates and would instead purchase eight MEKO A-200 frigates, a simpler but proven design, from German shipbuilder TKMS.
Makers of airplane engines including General Electric Aerospace rose as jet-fuel prices approached prewar levels.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
