Dow drops 900 points as new Covid variant sparks market sell-off

The Cboe Volatility Index, often referred to as Wall Street’s “fear gauge,” rose to 28, its highest level in two months. Oil prices also tumbled, withTravel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down more than 10 percent apiece in early trading. United Airlines dropped 9 percent, Delta Air Lines and American Airlines were each down more than 7 percent. Boeing lost 6 percent. Marriott International fell more than 7 percent.

Industrials linked to the global economy declined led by Caterpillar off by 3.7 precent. Dow Inc. shed 3 percent.On the flip side, investors huddled into the vaccine makers. Moderna shares gained more than 16 percent. Pfizer shares added 5 percent. “It’s important to stress that very little is known at this point about this latest strain, including whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it’s hard to make any informed investment decisions at this point,” Bespoke Investment Group’s Paul Hickey said in a note to clients. “Historically speaking, chasing a rally or selling into a sharp decline rarely ends up being profitable, but that isn’t stopping a lot of people this morning.

They need to halt all sales and investigate the investment accounts.

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Stocks sink on new COVID variant; Dow Jones loses 890 points | AP NewsNEW YORK (AP) — Stocks fell sharply Friday as a new highly transmissible coronavirus variant from South Africa appeared to be spreading across the globe, threatening months of progress at getting the pandemic under control. This strand is going to be worse than Delta. The reactions from the medical community are a clear indicator of that. Wondering if VaccineEquity could have helped us avoid this? Just keep in mind that the market is not a reflection on the general economy, just on the wealth of the wealthy.
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