The Dow fell 700 points yesterday in the worst drop since October as the delta variant fears mount
Stocks fell sharply Monday as the pandemic’s resurgence in the United States fueled expert concerns that the highly contagious Delta variant of Covid-19 could spur renewed restrictions and ultimately curtail the economic recovery.AFP via Getty ImagesThe Dow Jones Industrial Average posted its biggest one-day point drop since widespread election uncertainty on October 28, tumbling about 725 points, or 2.1% Monday, while the S&P 500 shed 1.
Oil stocks, which tend to underperform when the market struggles, were also hit hard: Marathon Oil and Occidental fell roughly 5% and 4%, respectively, following aamong international oil producers that pushed recently spiking oil prices down about 8%. However, many big-tech companies set to report earnings before month’s end posted sizable losses, with Facebook and Apple down 1.2% and 2.7%, respectively.
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