Wall Street Tumbles at Open as Omicron Fear, Rate Backdrop Weigh; Dow Down 600 Pts -Breaking
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Geoffrey Smith
Investing.com – The U.S. stock exchanges started to fall in bearishness. Each of the major indices dropped over 1% as a result of fears that Covid-19 would drive another slowdown. This was also accompanied with the possibility of higher interest rates.
At 9:45 ET (1445 GMT), it was down 601 point, or 1.7%, at 34,764 Points. The and were both down 1.4%. Due to its high proportion of cyclical stocks in the Dow, it was underperforming as fears of widespread Omicron Covid-19 spread stoked fear that people would avoid mixing for the next few weeks even though they may be allowed.
News that Senator Joe Manchin, a Republican from Illinois, had blocked passage of the “Build Back Better” bill through the Senate was a blow to the mood. He said he could not support the current version. The Senate is split 50-50. This means that the Senate will only be able to pass it as-is if the Administration convinces Republican Senators to support it. It seems unlikely, given the current circumstances.
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