Dow Jones fell nearly 900 points as delta variables fears hit Wall Street hard

 

Dow Jones fell nearly 900 points as delta variables fears hit Wall Street hard

The rising numbers of Covid-19 cases spook investors as the variable delta spreads across the world.

The Dow was down nearly 900 points late Monday afternoon, down 2.5%. The S&P 500 fell 1.9%, and the Nasdaq fell 1.3%.

This is referred to as the worst day for Dow since a 943-point drop in late October. But the blue-chip market gauge has seen a further reduction in points since the beginning of 2020 due to the Covid-19 pandemic.

Dow fell more than 1,000 points six times last year, with five of those market crashes occurring in March at the start of the pandemic in America. The Dow suffered its most significant drop ever on March 16, 2020, dropping nearly 3,000 points - a 13% free fall.

Investors feared that the delta variant of the coronavirus could threaten the recovery of the US economy. Shares of companies in sectors widely believed to benefit the most from reopening the economy were the hardest hit.

The shares of American Airlines (AAL), United (UAL), and Delta (DAL) are down more than 4%. The cruise operators Carnival (CCL), Royal Caribbean (RCL), and Norwegian (NCLH) all fell between 4% and 6%.

Investors are terrified even as stocks come to record levels

Energy stocks also fell after oil prices fell more than 3%. Chevron (CVX) and ExxonMobil (XOM) fell 8%, as the OPEC+ group of countries agreed over the weekend to produce more oil, a move that could boost supplies and lower crude prices.