Shares of industrial and transportation companies finished higher after an initial plunge on fears of a government shutdown.

Shares of government contractors such as Northrop Grumman opened lower afrer reports that Republican demands could cause budgetary legislation to fail.

Democratic and Republican congressional leaders said they thought they would avert a government shutdown this weekend, following a White House meeting in which lawmakers also stepped up pressure on House Speaker Mike Johnson (R., La.) to allow a long-stalled vote on Ukraine aid to go forward.

New durable goods orders plunged by more than 6% in January, mostly due to a slowdown in the volatile jet category. Orders fell by 0.3% in January if planes and cars are stripped out.

"While China grapples with slowing growth and a deepening property crisis, Japan faces a recession and the Eurozone struggles with anemic growth," said John Lynch, chief investment officer for money manager Comerica Wealth Management.

"In contrast, the U.S. economy has shown remarkable resilience with strong consumer spending, robust job growth and solid corporate earnings."


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

(END) Dow Jones Newswires

02-27-24 1717ET