Delta Variant Fears Send Dow Tumbling More than 700 points in Worst One-Day Decline of 2021

Global stock markets swooned Monday, with the Dow slumping more than 700 points, as investors are growing increasingly anxious about a delta-led resurgence in coronavirus cases and its potential to derail the economic recovery, The Washington Post reported. Oil prices also fell sharply. The delta variant is now the dominant strain worldwide and surging rapidly, even in countries with high vaccination rates. New coronavirus infections in the U.S. rose nearly 70 percent in a single week, officials reported Friday, and nearly every state has reported an increase in cases. Many market watchers are fearful the uptick will lead to a resumption in travel and business restrictions. Asian markets closed in the red across the board, with Hong Kong’s Hang Seng Index leading the losses with a 1.8 percent slide and Japan’s Nikkei falling 1.3 percent. European markets posted even bigger declines, with Germany’s DAX and France’s CAC 40 tumbling more than 2.5 percent and the Pan-European Stoxx 600 sliding 2.3 percent. The Dow Jones industrial average closed down 725.81 points, or nearly 2.1 percent, to 33,962.04 for its worst day of 2021. The S&P 500 index skidded 68.67 points, nearly 1.6 percent, to settle at 4,258.49. The tech-heavy Nasdaq composite index shed 152.25 points, or nearly 1.1 percent, to close at 14,274.98. “The big concern for the market is whether we are going to see a slowdown in the global economic recovery,” Russ Mould, investment director at AJ Bell, wrote in commentary Monday. “This could be the overriding force which results in a bad period for equities in the weeks ahead.” Read more.