Shares of industrial and transportation companies fell amid concerns over property developer China Evergrande but losses were offset by gains in travel shares as some restrictions were eased.
Caterpillar shares lost more than 5% helping to drag down the Dow Jones Industrial Average. Airline stocks bucked the market's downward momentum as the Biden administration announced it would ease a series of Covid-19 travel bans. Foreign nationals seeking to fly to the U.S. will be required to show proof of vaccination under new rules aimed in part at assuaging mounting frustration among European allies. The new restrictions would replace a series of travel bans imposed during the Trump administration that limit travel into the U.S. from Europe, China, Iran and Brazil, and were later expanded to include South Africa and India.
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(END) Dow Jones Newswires