Shares of industrial and transportation companies rose after strong jobs data.

Job postings rose to 8.1 million in May from 7.9 million in April, the Labor Department said, alleviating worries about a potential slowdown in the U.S. economy.

At the same time, Federal Reserve Chairman Jerome Powell emphasized the central bank's progress in its fight against inflation, which seemed to increase the likelihood of interest-rate cuts later in the year.

The SPDR Select Sector Industrial exchange-traded fund, which tracks the industrial group of the S&P 500, is up by more than 7% for the year to date, hovering near all-time highs, largely due to wagers on 2024 rate cuts.

Airbus shares rose slightly after the European planemaker received a $24 billion order for 152 jets from Philippines budget airline operator Cebu Air.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

07-02-24 1647ET