Sector snap: Shipping companies
NEW YORK (AP) — Shares of railroad and trucking companies rose Wednesday after more encouraging signs for the U.S. economy emerged, which could mean more demand for shipping services.
The Commerce Department said orders for so-called core capital goods, including industrial machinery, rose 6.3 percent in January from December. Orders for factory goods that signal business investment plans jumped by the most in more than a year.
Federal Reserve Chairman Ben Bernanke also reaffirmed on his second day of testimony to Congress that low interest rate policies are giving crucial support to the economy, and he said there is little risk of inflation right now.
Shares of many transportation service companies are climbing in afternoon trading amid a broad market rally:
UPS Parcel Service Inc. up $1.12 to $83.06.
FedEx Corp. up $2.66, or 2.6 percent, to $105.82.
Union Pacific Corp. up $2.95, or 2.2 percent, to $136.89.
CSX Corp. up 71 cents, or 3.2 percent, to $22.85.
Kansas City Southern up $7.30, or 7.5 percent, to $105.14.
Canadian Pacific Railway Ltd. up $4.01, or 3.4 percent, to $121.76.
JB Hunt Transport Services Inc. up $3.58, or 5.4 percent, to $69.94.
Arkansas Best Corporation up 32 cents, or 3 percent, to $11.15.
Swift Transportation Co. up 56 cents, or 4.4 percent, to $13.39.
Con-way Inc. up $1.12, or 3.3 percent, to $34.72.