GE leads gains in big-cap industrials as stocks rally

General Electric (NYSE:GE) on Thursday rose 4.9% as stocks rallied to end a six-day losing streak. GE’s gain was the biggest among the top holdings of the SPDR Industrials ETF (NYSEARCA:XLI), which advanced 2.2% to reach a five-day closing high.

The trading session got off to a shaky start after inflation data showed an 8.2% yearly jump in September. Consumers prices excluding those for energy and food hit a new four-decade high.

Stocks reversed course mid-morning and finished higher, possibly indicating that investors had been braced for a worst-case scenario.

GE on Tuesday took another step toward breaking up into three public companies by filing a registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of its healthcare unit.

GE HealthCare will list on the Nasdaq Global Select Market with the ticker symbol GEHC. The company plans to distribute at least 80.1% of spin-off’s common stock to GE’s shareholders and retain a 19.9% interest.

Industrial Select Sector SPDR Fund (XLI) -Top Holdings Company (Ticker) Oct. 13 % change Boeing (BA) 1.5% Caterpillar (CAT) 2.0% Deere & Co. (DE) 1.7% General Electric (GE) 4.9% Honeywell International (HON) 2.8% Lockheed Martin (LMT) 2.2% Northrop Grumman (NOC) 1.8% Raytheon Technologies (RTX) 2.3% Union Pacific Corp. (UNP) 2.4% United Parcel Service (UPS) 2.6%

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