Why General Electric, Johnson Controls, and Deere Stocks Dropped on Monday
Federal Reserve jitters continued to roil the stock market on Monday, as investors returned to trade on last week's news that nonfarm jobs growth in November was about 30% stronger than expected, and wage growth higher than anticipated as well.
That sounds like good news -- and if you work for a living, it is good news. But more people working and earning higher wages isn't necessarily great news for inflation, and that's what seems to be spooking investors in the industrial sector today. As of 12:15 p.m. ET, shares of industrial giants General Electric (NYSE: GE), Johnson Controls (NYSE: JCI), and Deere (NYSE: DE) are all down modestly -- 2.1%, 1.7%, and 1.8%, respectively.
The funny thing is, putting the economy to one side for a moment, the specific news on two of these industrial stocks today is actually good. As ratings watcher The Fly reports, both General Electric and Johnson Controls received positive price target increases from investment bank Deutsche Bank this morning.
Source Fool.com
