Traders work on the floor at the New York Stock Exchange. The Dow Jones Industrial Average fell 0.75 per cent to 33,821.3. — Reuters picNEW YORK, April 21 ― Stocks on Wall Street fell for a second straight day yesterday as a global spike in coronavirus cases hit travel-related shares and investors had second thoughts about big US banks' apparently stellar earnings last week.
Shares of airline operators and cruiseliners including JetBlue Airways, American Airlines, Norwegian Cruise Line and Carnival Corp, which were hammered last year during lockdowns but have climbed recently on the reopening hopes, fell more than 4 per cent. Wall Street scaled record highs last week as investors bet on stocks such as industrials and miners that are seen as benefiting from the economic rebound, while highly valued technology stocks regained favour after a retreat in bond yields.
Accounting changes on how to report loan reserves skewered numbers when compared to a year ago, he said.