Shares of the world’s largest shipping carrier rose 1.9 percent Monday on news that United Parcel Service Inc. (UPS) reached a new 5-year contract with the Teamsters union and will move its workers into a single employer pension fund. Approval of the contract is now up to union members. Pension and health care benefits were major issues in the contract talks.
The nation’s manufacturing sector expanded at a slower-than-expected rate in September, suggesting there’s room for the Federal Reserve to consider another rate cut later this month. The Institute for Supply Management said Monday that its manufacturing index registered 52.0 in September, down from 52.9 in August. It was the lowest reading since the gauge was at 50.9 last March.