Shares of industrial and transportation companies fell as investors retreated from cyclical sectors after a recent run-up.
Hopes that the rollout of a vaccine would cause a jump-shift in economic growth have drawn investors to the industrial sector in the weeks since vaccines were approved. But recent data on fuel consumption and economic activity suggest that the acceleration is some way off. One-third of the Federal Reserve's 12 districts reported flat or declining activity over November and December as Covid-19 spread across the country, according to the latest Federal Reserve Beige Book regional economic survey.
Boeing's drone unit agreed to pay $25 million to settle civil-fraud allegations that it overcharged on more than half a dozen contracts signed with the U.S. Navy and special forces between 2009 and 2017.
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(END) Dow Jones Newswires
January 13, 2021 17:21 ET (22:21 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.