Dow Falls 905 Points On Fears of Covid "Omicron Variant"
World stock markets had only recently begun to recover from the 20 month Covid-19 lockdown.
November 29, 2021
11/26: The US Stock market sold off the day after Thanksgiving on fears that a new Variant of the Coronavirus would doom the recovery.
The Who has named the new variant the "Omicron Variant." It appears to be more transmissible than other variants, and perhaps more deadly. It originated in South Africa or Botswana, and has 30 spike variations from the original novel coronavirus that emerged in 2019.
World risk markets had only recently begun to recover from the 20 month Covid-19 lockdown. Crypto currencies such as Bitcoin and Ethereum, were also down.
“When I read that there’s one [case] in Belgium and one in Botswana, we’re going to wake up next week and find one in this country. And I’m not going to recommend anyone buy anything today until we’re sure that isn’t going to happen, and I can’t be sure that it won’t,” CNBC’s Jim Cramer said.
Bloomberg noted that investors were unwinding recent bets on interest rate hikes and also selling oil, due to the new variant.
Several European countries are already in lockdown mode, including Austria, the Netherlands and parts of Russia.