Shares of retailers and other consumer companies fell sharply as hopes for a rapid revival of the airline business faded.
Shares of United Airlines fell by more than 8% after executives warned that business travel and long-haul flying remained extremely depressed given a gradual return to the office in the U.S. and border closures worldwide. Shares of United rival American Airlines fell by more than 5%. The U.S. Global JETS exchange-traded fund, which tracks an index of large carriers, fell sharply.
Shares of consumer staples giant Procter & Gamble rose after reports that the world's largest consumer-staples maker by sales would hike product prices this fall due to increased costs for raw materials such as resin and pulp, and higher expenses to transport goods.
Shares of cigarette maker Altria Group fell after The Wall Street Journal reported that the Biden administration is considering tighter tobacco regulations. Shares of the overseas distributor of Marlboro cigarettes, Philip Morris International, rose, however.
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(END) Dow Jones Newswires
April 20, 2021 17:34 ET (21:34 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.