(The Associated Press circulated the following on July 2.)
NEW YORK — Shares of railroad stocks traded higher Monday, pulled up by the release of a key manufacturing report suggesting demand for raw materials is on the rise.
The Institute for Supply Management reported early Monday that manufacturing across U.S. factories, plants and utilities grew for the fifth straight month in June. The institute also reported that its index measuring the nation’s overall economy saw its 68th consecutive month of growth.
Increased production numbers and a rise in new orders also indicates that growth will be maintained throughout the third quarter, according to an institute representative.
In midday trading, shares of Burlington Northern Santa Fe Corp. rose 94 cents to $86.08, while shares of Eastern rival CSX Corp. gained 69 cents to $45.77.
Union Pacific Corp. added 87 cents to $116.02. Norfolk Southern Corp. shares gained 96 cents to $53.53.
Trinity Industries Inc. rose 90 cents to $44.44, and Kansas City Southern added 72 cents to $38.26.