Shares of industrial and transportation companies fell as fears about the Omicron variant of Covid 19 offset strong manufacturing data.
The reading on the Manufacturing Report on Business PMI rose to 61.1 in November from 60.8 in October, suggesting factory activity accelerated, according to data from the Institute for Supply Management.
Similarly, the Federal Reserve's "Beige Book" survey of regional economic activity showed the U.S. economy grew at a "modest to moderate" pace this fall. The central bank also noted that supply-chain issues and labor shortages were constraining corporations' ability to capitalize on strong demand.
General Motors shares rose after the auto giant boosted its projection for fiscal 2021 pretax profit.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-01-21 1631ET
