March 23 (UPI) — U.S. markets declined on Tuesday as shares of travel and retail stocks fell amid worries of renewed global COVID-19 restrictions.
The Dow Jones Industrial Average ended the day down 308.05 points, or 0.94%, while the S&P 500 fell 0.76%, and the Nasdaq Composite dipped 1.12%.
Cruise and airline stocks helped to lead the decline as Carnival stock fell 7.82% and Norwegian Cruise Line dropped 7.16%, while United Airlines fell 6.81% and American Airlines declined 6.55%.
Gap stock also fell 7.72% on the retail front.
“Despite vast improvements, the third pandemic wave left large parts of the population vulnerable both medically and economically,” Brad McMillan, chief investment officer at Commonwealth Financial Network, told CNBC. “That damage will take time to heal. Vaccinations will get that spread under control, but it will take time.”
AstraZeneca stock fell 3.52% after U.S. health officials raised concerns over the inclusion of “outdated information” in the efficacy results of its COVID-19 vaccine’s late-stage U.S. trial.
In prepared remarks, Powell said the economy is “much improved” since the CARES Act was enacted a year ago but the recovery is still “far from complete.”
Yellen delivered similar remarks, stating that the nation “should be clear-eyed about the hole we’re digging out of.”