The Dow took a nosedive today as fears over a new Covid wave gripped investors.
President Trump issued a statement addressing the problem, and called out China for its alleged role in spreading the Covid virus.
The lab leak hypothesis continues to gain ground, as it becomes increasingly more apparent that Covid-19 was the result of a lab leak at The Wuhan Lab of Virology.
President Trump repeatedly warned The American people of this threat, but mainstream media pundits and Liberals everywhere shouted him down as a racist.
Now our economy is tanking as the fallout from the virus continues to take a toll.
When will enough be enough?
Did you see this? Michelle Obama Says Melania Trump Turned Down Her
Take a look at what President Trump had to say:
Reuters had more on the sudden downturn:
The Dow and the S&P 500 indexes sank more than 2% on Monday as investors sold off economically sensitive shares and travel stocks and sought the perceived safety of bonds on fears that a spike in COVID-19 cases would derail a broader economic recovery.
New infections surged in parts of Asia and England, while U.S. COVID-19 cases soared 70% last week, fueled by the Delta variant. read more
All 11 S&P sectors fell, with the so-called value stocks, including financial (.SPSY), industrial (.SPLRCI), materials (.SPLRCM) and energy (.SPNY), dropping between 2.5% and 4.4%.
CNN Business cites the reason for investors woes as the Delta variant of Covid-19:
Did you see this? Michelle Obama Says Melania Trump Turned Down Her
Investors feared that the Delta coronavirus variant could threaten the US economic recovery. Shares of companies in sectors that were widely thought to benefit most from the reopening of the economy are getting hit the hardest.
Airlines American (AAL), United (UAL) and Delta (DAL) were all down aronud 4% to 5%. Cruise operators Carnival (CCL), Royal Caribbean (RCL) and Norwegian (NCLH) each fell between 4% and 6%.
Energy stocks plummeted as well following a more than 3% drop in oil prices. Chevron (CVX) and Exxon Mobil (XOM) were down 8%.The OPEC+ group of nations also agreed over the weekend on a deal to produce more oil, a move that could boost supply and reduce crude prices.
h/t: We Love Trump
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