Stocks skid as virus fears shake markets; Dow falls 2.1%

[Omaha Steve]

Source: AP

By STAN CHOE, ALEX VEIGA and DAMIAN J. TROISE

NEW YORK (AP) — Resurgent pandemic worries knocked stocks lower from Wall Street to Tokyo on Monday, fueled by fears that a faster-spreading variant of the virus may upend the economy’s strong recovery.

The S&P 500 fell 68.67, or 1.6%, to 4,258.49, after setting a record just a week earlier. In another sign of worry, the yield on the 10-year Treasury touched its lowest level in five months as investors scrambled for safer places to put their money.

The Dow Jones Industrial Average slumped 725.81, or 2.1%, to 33,962.04, while the Nasdaq composite lost 152.25, or 1.1%, to 14,274.98.

Airlines and other companies that would get hurt the most by potential COVID-19 restrictions took some of the heaviest losses, similar to the early days of the pandemic in February and March 2020. United Airlines lost 5.5%, mall owner Simon Property Group gave up 5.9%, and cruise operator Carnival fell 5.7%.



Specialist Gregg Maloney works on the floor of the New York Stock Exchange, Monday, July 19, 2021. Stocks are falling sharply Monday as worries sweep from Wall Street to Sydney that the worsening pandemic in hotspots around the world will derail what's been a strong economic recovery. (AP Photo/Richard Drew)


Read more: https://apnews.com/article/business-health-asia-coronavirus-pandemic-financial-markets-da03ecaf3a6f188695b4be1984208520

[EYESORE 9001]

1. Where is your God now, rump-humping capitalistas?

You thought you were riding high with that bloated sack of protoplasm doing your bidding with regard to tax breaks and a smorgasbord of other amenities beneficial to your bottom line. You failed to recognize that this side gig of generating resistance to vaccination had created conditions amenable to a mutant strain that would run rampant among the unvaccinated. Did it ever ONCE occur to you that a resurgent pandemic would be bad for business? It's no coincidence that faux 'news' got its new marching orders and started encouraging people to get vaccinated on the same day that the economy started circling the bowl.

[PSPS]

2. Gee, ya think?

Everyone is back to partying like it's 2019. No employees at my grocery store are wearing masks anymore, so I guess it's back to all-online grocery ordering for me. The media has pressured even states with relatively-sane democratic leadership into opening everything wide open, while there's still a pandemic and we're back to spiking numbers.

While it's all well and good that the vaccine almost always prevents serious side effects that lands one in the hospital, the fact is that even vaccinated people can still get infected (some of my clients had this happen to them.) So, at least for some people, the vaccine is really a "vaccine" -- a misnamed palliative. I won't be going out to any restaurants, venues, theaters, etc., for the foreseeable future. Maybe a tweaked booster will do the trick if it can be administered before the virus mutates into something else.

[Sherman A1]

3. The smart folks on Wall Street finally woke up?

I would look at the stay at home stocks for any growth at this point.

[Rhiannon12866]

4. Thee remedy is as simple as widespread vaccinations!

[plimsoll]

5. Well, this will convince the folks who fund the anti-vax crowd.

Nothing says get those morons in line like a hit to the net worth.

Bloody peasants.

[Warpy]

6. Bargain hunters were out early today

We'll have to see what the rest of the afternoon brings.

[ProfessorGAC]

7. 75% Of Losses Recovered, As Of Noon CDT

I think yesterday was profit taking with "COVID uncertainty" and "inflation worries" as excuses to sell off.
Neither reason is valid, just cover.
Some people with long range plans could have bought low last year (let's say at $50), sold yesterday for $80, paid $6.60 in taxes, make 47% in a year, then went back and bought up the same shares with strong long term outlook.
Happened a lot with the bumps last year caused by the rotten COVID response.
People ended up with more shares, even after taking a post tax profit.
Like you said, bargain hunters.

[ProfessorGAC]

8. Pretty Flat, Rest Of Day

Up 1.68%. So the morning recovery of 75% of Monday losses sustained through to close.
Down 0.38% since Friday close.
Given it's up 10.78% since inauguration day, this so far, is a blip.