EDITOR'S NOTE
Omicron has made its way to the U.S., and investors sold the news.
The major averages ended the day lower on Wednesday after the Centers for Disease Control and Prevention reported the first case of the new Covid variant omicron in the U.S. Omicron — first detected last week in South Africa — has been reported in at least 23 countries, according to the World Health Organization.
White House chief medical advisor Dr. Anthony Fauci said the individual, who was fully vaccinated, had just returned from traveling in South Africa to the San Francisco area on Nov. 22 and tested positive on Nov. 29.
The Dow Jones Industrial Average closed down more than 460 points, after gaining more than 520 points at its high of the session. The S&P 500 and Nasdaq ended the day sharply lower after being up as much as 1.9% and 1.8%, respectively.
While the sell-off intensified into the close, some analysts considered the market reaction to be less dramatic compared to past waves and variants, including delta.
"There's this desensitization cycle associated with each of these new waves, and people's activity is impacted less and less," said Jeff Mills of Bryn Mawr Trust. "And our toolkit to deal with the virus keeps improving."  Travel stocks, like airlines and cruise lines, were among the hardest hit on Wednesday, the first trading day of December.
All three major averages are down for the week as volatility surrounding omicron plagues Wall Street. The Dow is down 2.5%, and the S&P 500 has lost nearly 1.8%. The Nasdaq Composite is down 1.5% since Monday.
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Rabu, 01 Desember 2021
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