Shares of industrial and transportation companies rallied after the Federal Reserve's interpretation of inflation was less hawkish than anticipated.
The central bank did not provide an update on its rate-policy plans, but Chairman Jerome Powell's commentary sugggested rate cuts were still possible this year.
Powell said the preponderance of evidence shows that demand and inflation are already waning due to the Fed's previous hikes.
Shares of Leggett & Platt slid after the maker of auto and home seating and cushioning products posted a sharp drop in first-quarter revenue.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-01-24 1738ET
