Shares of industrial and transportation companies fell as investors braced for a prolonged delay in economic-stimulus negotiations.
Strategists are divided on whether the U.S. economy can continue its rebound in the absence of another major stimulus bill.
"From an economic standpoint, this crisis has put the U.S. economy on the biggest roller coaster ride of the entire post-war era!" said Jim Paulsen, chief investment strategist at money manager The Leuthold Group, in a note to clients, noting the unexpected plunge in activity in the first half of the year and projections for accelerated growth for much of 2021.
"If the current consensus about next year's economic growth is anywhere near the mark, the coaster has only just begun a record-setting renewed rise."
The Empire State Manufacturing Survey's general business conditions index stood at 3.7 in August, down from the 17.2 reading in July, an unexpected slowdown in factory activity in the New York area.
The Swedish security-door maker Assa Abloy received clearance from the European Commission to indirectly acquire a majority stake in rival Agta Record.
Write to Rob Curran at rob.curran@dowjones.com
