Dow closes down more than 700 points in worst day of 2021

U.S. stocks fell aggressively Monday on concerns that a rebound in Covid-19 cases would slow global economic growth.

The Dow closed down 726 points, having fallen by 946 points at its session low. The S&P 500 closed down 1.6 percent and the Nasdaq Composite finished the day down by 1.3 percent.

Stocks that would most directly benefit from a continuing swift reopening of the economy led the losses, with shares of United Airlines falling more than 7 percent. Key stocks linked to the global economy pulled back, with Boeing and General Motors each falling by more than 5 percent.

“Consumer concern about inflation as well as a rise in new cases of Covid-19 among vaccinated Americans could weigh on consumer sentiment in the coming months even as employment and incomes grow as the economy reopens,” Oppenheimer Chief Investment Strategist John Stoltzfus said in a report Monday.

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