(Dow Jones Industrial Average Market Index)
Dow Jones dips 2% as virus surge stifles recovery hopes
The Dow sank more than 2 per cent 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 per cent last week, fueled by the Delta variant. All 11 S&P sectors fell, with the so-called value stocks, including financial, industrial, materials and energy, dropping between 2.0 per cent and 3.9 per cent.
The banking sub-index sank 3 per cent, tracking a fall in the benchmark 10-year Treasury yield to mid-February lows.
"There's concern among investors the Delta variant could reset the clock in terms of the progress we've made with COVID-19 and the pickup in the economy," said Andre Bakhos, managing director at New Vines Capital LLC in New Jersey.
The benchmark S&P 500 snapped a three-week winning streak on Friday, with only defensive sectors, perceived to be relatively safe .
New infections surged in parts of Asia and England, while U.S. COVID-19 cases soared 70 per cent last week, fueled by the Delta variant. All 11 S&P sectors fell, with the so-called value stocks, including financial, industrial, materials and energy, dropping between 2.0 per cent and 3.9 per cent.
The banking sub-index sank 3 per cent, tracking a fall in the benchmark 10-year Treasury yield to mid-February lows.
"There's concern among investors the Delta variant could reset the clock in terms of the progress we've made with COVID-19 and the pickup in the economy," said Andre Bakhos, managing director at New Vines Capital LLC in New Jersey.
The benchmark S&P 500 snapped a three-week winning streak on Friday, with only defensive sectors, perceived to be relatively safe .
"There's concern among investors the Delta variant could reset the clock in terms of the progress we've made with COVID-19 and the pickup in the economy," said Andre Bakhos, managing director at New Vines Capital LLC in New Jersey.
The benchmark S&P 500 snapped a three-week winning streak on Friday, with only defensive sectors, perceived to be relatively safe .
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