Shares of industrial and transportation companies fell sharply amid fears that the global economic recovery will be tripped up by the Omicron variant and higher interest rates.
Federal Reserve Chairman Jerome Powell told the Senate Banking Committee that the risk of inflation had increased, and that the central bank's rate-setting board would discuss accelerating the reduction of bond purchases at its meeting in mid-December.
The unanticipated hint that the Fed could become more aggressive with monetary tightening just as Omicron threatens the economic outlook sent shockwaves through cyclical sectors.
Shares of Boeing, which is sensitive to travel-industry activity, ticked down, bringing their losses for the month to almost 8%.
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(END) Dow Jones Newswires