Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.
The price of oil fell about 13%, the biggest decline since early in the pandemic, amid worries of another slowdown in the global economy. That in turn dragged down energy stocks. Exxon shares fell 3.5% while Chevron fell 2.3%. Cases of the new variant were found in Hong Kong, Belgium and Tel Aviv as well as major South African cities like Johannesburg.
“COVID had seemingly been put in the rear-view mirror by financial markets until recently,” Douglas Porter, chief economist at BMO Capital Markets. “At the least, is likely to continue throwing sand in the gears of the global economy in 2022, restraining the recovery keeping kinks in the supply chain.”
Fearful of more lockdowns and travel bans, investors moved money into companies that largely benefited from previous waves, like Zoom Communications for meetings or Peloton for at-home exercise equipment. Shares in both companies rose nearly 6%. Investors are worried that the supply chain issues that have impacted global markets for months will worsen. Ports and freight yards are vulnerable and could be shut by new, localized outbreaks.
Nerdy_Addict Crypto not doing well either
Today Iran: Dozens of people have been inju... while Hamid Nouri is on trial in a historic court in Stockholm on charges of crimes against humanity. But the 'Islamic State of Criminals' continues to respond to the people with bullets and tear gas and attacks by security forces!
Today Iran: Dozens of people have been injured and arrested in the security forces' attack on farmers and people in the 'historic city of Isfahan'. while Hamid Nouri is on trial in a historic court in Stockholm on charges of crimes against humanity. But the 'Islamic State of
Today Iran: Dozens of people have been inju... while Hamid Nouri is on trial in a historic court in Stockholm on charges of crimes against humanity. But the 'Islamic State of Criminals' continues to respond to the people with bullets and tear gas and attacks by security forces!
Today Iran: Dozens of people have been injured and arrested in the security forces' attack on farmers and people in the 'historic city of Isfahan'. while Hamid Nouri is on trial in a historic court in Stockholm on charges of crimes against humanity. But the 'Islamic State of Cr
If the market were that fragile it would have never crested 35,000 points to start. It’s an excuse in pill form that’s easily swallowed by the public.
Oil prices fell sharply? Well then I assume the gas prices will fall tomorrow. After all, they rise the next day when there's a spike in oil prices. It's not as if the gas companies are artificially and arbitrarily setting the prices, is it?
Only good news is oil falling
Some quality equities went on sale for BlackFriday2021.
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