A larger than expected infusion of cash, in the form of lower interest rates from the Federal Reserve, pushed stocks to their most robust one-day rally in four years.
Among winners, shares of Deere & Co. zoomed to a new high amid forecasts of bumper crops that are ready for harvest. Record plantings of corn and other commodities, as well as the boom in production of ethanol for motor fuel, have fattened checks for farmers.
They are prompting customers to line up to buy the deep green painted equipment manufactured by Moline, Ill.-based Deere. Its stock ended at $147.28, nearly double its 52-week low of $76.86.
Shares of United Airlines parent UAL Corp. gained as it said it expects a gauge of mainline passenger revenue to rise by as much as 8.5 percent in the third quarter after flying with packed planes throughout the summer.
Chairman Glenn Tilton told employees that the revenue performance serves as “further proof of the positive momentum of the company.”
UAL shares closed at $46.01, a gain of 74 percent from a 52-week low of $26.36.
Illinois Tool Works Inc. stock forged ahead despite concerns expressed by a Wall Street analyst that it needs to buy more companies in China.
Seven acquisitions in China in the last 18 months aren’t enough to do the job, the analyst said.
Shares of Glenview-based ITW, a maker of products ranging from nail guns to resealable plastic bags, rose to $57.85, up 33 percent from a 52-week low of $43.48.
On the downside, the stock of CME Group, parent of the Chicago Mercantile Exchange and Chicago Board of Trade, slipped despite news it is introducing several new futures and options products.
It said it is launching a new futures product on emerging-market stocks, responding to demand from customers seeking investment alternatives for the volatile asset class.
Beginning Oct. 22, CME will list e-mini futures on the MSCI Emerging Markets Index, a free float-adjusted market capitalization index containing more than 800 securities from 25 emerging markets. The cash-settled contract will be offered exclusively on the Globex electronic platform.
CME Group also said it will introduce commercial real estate futures and options beginning Oct. 28. The contracts will include retail, office, commercial and warehouse properties.
Shares ended at $544.25, a drop of 11 percent from a recent high of $609.96.
———-
wsluis@tribune.com
