Deere’s (NYSE:DE) stock this week rose 7.6% for the biggest gain among large-cap industrial stocks. Its advance helped to lift the Industrial Select Sector SPDR ETF (NYSEARCA:XLI), whose holdings include some of the largest U.S. companies in the sector. The fund rose 3% for the week and touched a 52-week high of $106.60 a share on Friday.
The rally for industrial stocks coincided with the fifth straight week of gains for the Standard & Poor’s 500 stock index (SP500) and the eighth straight week of gains for the Nasdaq Composite (COMP.IND).
Equities rose even though central banks in the United States and Europe indicated they’re not done raising rates as inflation remains stubbornly high.
Deere’s (DE) gains came during a week when data about sales of agricultural machinery showed strong growth in some segments. Sales of self-propelled combines rose 55% from a year earlier in May, while four-wheel drive tractor sales jumped 51%, according to the Association of Equipment Manufacturers. Deere’s stock (DE) is still down 3.4% year-to-date.
Investors will get more news for Boeing (NYSE:BA) and General Electric (NYSE:GE) as airlines announce aircraft orders at the International Paris Air Show.
U.S. stock and bond markets are closed Monday for the Juneteenth holiday.
