US shares sink over scare of new COVID variant
The emergence of a new coronavirus variant has plunged Wall Street stocks into a free-fall as shareholders fear fresh lockdowns.
Experts predict the Omicron coronavirus variant might override any existing immunity received from the rollout of vaccines or prior infection.
On Tuesday, shortly after trading started, the Dow Jones Industrial Average was down 0.6 percent at 34,899.50.
The broad-based S&P 500 shed 0.6 percent to 4,627.43, while the tech-rich Nasdaq Composite Index declined 0.3 percent to 15,737.17.
Stocks have been volatile ever since the news of the new variant came out on Friday.
US Federal Reserve Chairman Jerome Powell sound the alarm about new coronavirus variant on Monday.
He warned that Omicron could cause another slowdown in the US economy as well as the labor market.
Powell also warned that the Omciron fear could impact inflation and heighten uncertainty regarding commodity prices just as the nation was expecting to recover from the initial COVID shock to the US economy which began in 2019 during the presidency of Donald Trump.
Elsewhere, major stock exchange markets in Europe fell sharply on Tuesday over fear that the Omicron variant might trigger cancellations that will kill the global economic revival off.
Major stocks were down, sinking on average between 0.5 percent to 1.5 percent in European markets.
Microsoft fires employees for organizing vigil for Gaza victims
Divestment success in US
US budget deficit widens to $1.8 trillion, third highest on record
Iran relies on natural gas for nearly 90% of its power production: Expert
US embassy in Beirut blocks Iraq-Lebanon humanitarian air bridge
VIDEO | UK's Starmer targets journalists
Israel plans to displace Palestinians in occupied West Bank: Hamas
Iranian airlines ramp up Istanbul route flights after EU sanctions
British protesters slam UK’s complicity in Gaza genocide on Balfour day
US surgeon haunted by Gaza children with ‘single gunshot wounds to head’
VIDEO | Iran's possible retaliation against Israel
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
