Shares of industrial and transportation companies fell amid mixed economic data.
Gross domestic product, the broadest measure of goods and services, in the fourth quarter was 6.9%, triple the third quarter's growth of 2.3%, adjusted for inflation, the Commerce Department said Thursday.
Durable-goods orders fell sharply in December, weighed down by fewer purchases of cars and planes. Orders in the transportation categories for goods that last three years or more fell 3.9% and have fallen in three of the last four months.
Investors fled cyclical sectors because of fears about the growth implications of the Federal Reserve's rate-increase plans.
The Russell 2000 index of small caps, which is more skewed toward the industrial sector and the domestic economy than large-cap indices -- entered bear-market territory, closing more than 20% below its 2021 high.
Stellantis, the owner of Jeep, Chrysler and Fiat brands, has come under fire from Chinese manufacturer Guangzhou Automobile Group for announcing a deal to acquire majority ownership of their joint venture, a sign of the trade tensions between China and the West.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-27-22 1635ET
