Shares of industrial and transportation companies fell sharply as a surge in the number of U.S. new Covid cases offset a surprisingly strong reading of factory activity.

A record number of Americans were hospitalized as of Tuesday because of Covid-19, according to the Covid Tracking Project.

President-elect Joe Biden cautioned citizens against dropping their guard over the Thanksgiving holiday, despite "real fatigue."

Durable-goods orders rose by 1.3% last month, with particular strength in items associated with corporate capital expenditure.

Ag-equipment giant Deere & Co. boosted its profit projection for 2021, anticipating that higher crop prices will lead to improving demand from U.S. farmers for its tractors and harvesting combines.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-25-20 1634ET