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Stocks fall as trading starts for year of great expectations

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U.S. stocks pulled back from their recent record highs Monday, as big swings return to Wall Street at the onset of a year where the dominant expectation is for a powerful economic rebound to sweep the world.

California’s economic recovery slowed in November as lots of workers dropped out of the labor force. Unemployment, which counts those still seeking work, fell to 8.2%.

Even though infection rates and hospitalizations are at frightening levels, many investors have been betting that ultralow interest rates provided by the Federal Reserve and financial support for the economy recently approved by Congress can help tide the economy over until vaccinations become more widespread.

Stocks of airlines, cruise operators, hotel chains and other companies hit particularly hard by the pandemic also had some of the market’s sharpest losses. Alaska Air Group slid 5.3%, while Norwegian Cruise Line fell 6.7%.Tesla rose 3.4% after it said it delivered 499,500 vehicles last year. That’s a 36% jump for the year, though it fell short of CEO Elon Musk’s goal of 500,000, which was set before the pandemic hit.

In Asia, Tokyo’s Nikkei 225 lost 0.7% after Prime Minister Yoshihide Suga said a state of emergency was under consideration for the Japanese capital and three surrounding prefectures because of surging coronavirus caseloads.

 

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