Wall St Week Ahead-COVID-19 fears reappear as a threat to market
By Saqib Iqbal Ahmed - Nov 26, 2021 - Reuters
NEW YORK - COVID-19 has resurfaced as a worry for investors and a potential driver of big market moves after a new variant triggered alarm, long after the threat had receded in Wall Street's eyes.
Worries about a new strain of the virus, named Omicron and classified by the World Health Organisation as a variant of concern, slammed markets worldwide and dealt the S&P 500 index its biggest one-day percentage loss in nine months. The moves came a day after the U.S. Thanksgiving holiday when thin volume likely exacerbated the moves.
"Markets were celebrating the end of the pandemic. Slam. It isn't over," said David Kotok, chairman and chief investment officer at Cumberland Advisors. "All policy issues, meaning monetary policy, business trajectories, GDP growth estimates, leisure and hospitality recovery, the list goes on, are on hold."
Energy, financials and other economically sensitive stocks tumbled on Friday, as did those of many travel-related companies such as airlines and hotels.
Read the full release here: https://news.trust.org/item/20211126212914-kdl8m/
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