Dow finishes 450 points lower, triggered by first omicron case in U.S.

Travel stocks were the biggest losers, with American Airlines, Delta Air Lines and United Airlines all dropping by around 5 percent each.

The major averages gave up solid gains and turned negative on Wednesday after the Centers for Disease Control and Prevention confirmed the first case of the omicron variant in the U.S.

The Dow Jones Industrial Average fell 462 points, after being up more than 520 points at the high of the day. The S&P 500 fell 1.2 percent and closed below its 50-day moving average for the first time since Oct 13. The Nasdaq Composite dropped 1.8 percent after rising as much as 1.8 percent earlier in the session, continuing a volatile streak of the last four sessions as the omicron threat emerged.

The losses came after the CDC reported the country’s first case of the new, heavily mutated coronavirus variant called omicron in California. Omicron — first detected last week in South Africa — has been reported in at least 23 countries, according to the World Health Organization.

Travel stocks were the biggest losers following news of the first case on U.S. shores. American Airlines, Delta Air Lines and United Airlines all dropped more than 5 percent apiece. Boeing lost nearly 3 percent. Norwegian Cruise Line Holdings and Carnival got hit by 5 percent and 4 percent respectively. Wynn Resorts, Hilton Worldwide fell 2 percent.

“It feels as though the market was wondering when, not if there was going to be this new variant on our shores,” said Art Hogan, National Securities chief market strategist. “I think we’re at a place now where we understand there’s a diminishing impact with new waves and new variants with this virus,” he said. 

It feels as though the market was wondering when, not if there was going to be this new variant on our shores.

Steve Massocca of Wedbush Securities said the initial market reaction was muted to the news of an omicron case in California because it’s just one person and the symptoms are not severe.

He added that some of the selling has been related to tax loss selling and that will continue. 

The newfound threat to the recovery from the pandemic, which caused several travel bans, is intensified by the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.

Fed Chairman Jerome Powell jolted markets on Tuesday after he said the central bank is expected to discuss speeding up the taper of its minimum $120 billion a month bond-buying program. Despite the potential disruption of omicron, the Fed chief said he thinks reducing the pace of monthly bond buys can move quicker than the $15 billion-a-month schedule announced earlier this month. Powell’s comments left the Dow down more than 650 points on Tuesday.

“I think that the taper need not be a disruptive event in markets. I don’t expect that it will be. It hasn’t been so far. We’ve telegraphed it,” Powell said during Congressional testimony on Wednesday.

While stocks wrapped up a volatile month of trading on Tuesday, the major averages are up solidly for the year. The Dow is up 12.7 percent, the S&P 500 is up 21.6 percent and the Nasdaq Composite is up 20.6 percent.

News Related


Tyreek Hill dazzling 46-yard punt return sets up Chiefs field goal

© Provided by Touchdown Wire Put a special player on special teams and you get a special result. Up two points in the fourth quarter, Andy Reid sent out Tyreek ... Read more »

Jana Kramer Gets Baptized in Emotional Video: 'Today I Made My Faith Public'

© Provided by People Jana Kramer/Instagram; Inset: Kevin Mazur/Getty Jana Kramer is celebrating a milestone in her faith. The country singer, 38, revealed that she got baptized on Sunday, documenting ... Read more »

Deploy modified Put butterfly strategy in Nifty: Shubham Agarwal

After a great upside move for four consecutive weeks Nifty gave a halt to its rally last week. Nifty unable to sustain near its all-time high levels and crashed vertically ... Read more »

StanPlus, which offers 8-min ambulance service, raises $20 million

Health-tech startup StanPlus which promises 8-mins ambulance delivery to patients has raised $20 million in a combination of debt and equity, Series A round from healthcare venture capital firm HealthQuad ... Read more »

No. 1 South Carolina calls off UConn game for SEC contest

COLUMBIA, S.C. (AP) — No. 1 South Carolina won’t get the chance to beat ninth-ranked UConn for a second time this season. Gamecocks coach Dawn Staley said Sunday night that ... Read more »

Spurs' Gregg Popovich rips Republicans, as well as Joe Manchin, Kyrsten Sinema, for blocking voting rights bill

San Antonio Spurs coach Gregg Popovich hasn’t been shy about discussing hot-button political issues. On Sunday before the Spurs’ game against the Philadelphia 76ers, he took aim at Democratic Sens. ... Read more »

Vikings interview 49ers' DeMeco Ryans after win vs. Packers

EAGAN, Minn. (AP) — The Minnesota Vikings interviewed San Francisco defensive coordinator DeMeco Ryans on Sunday for their head coach vacancy, the eighth candidate to meet virtually with the organization. ... Read more »

UFC 270: Victor Henry is proud to bring catch wrestling back to the UFC (Video)

Victor Henry sat down with members of the media following his victory at UFC 270. Journeyman fighter Victor Henry was a ball of energy in his post-fight press conference. It ... Read more »

How to watch Magic vs. Bulls: Live stream, TV channel, start time for Sunday's NBA game

© Provided by CBS Sports Through 3 Quarters The point spread is against the Orlando Magic, but thus far the points are on their side. Three quarters in and their ... Read more »

Terre Haute Children's Choir is planning to return

© Provided by WTWO Terre Haute Terre Haute Children’s Choir is planning to return TERRE HAUTE, Ind. (WTWO/WAWV) – The Terre Haute Children’s Choir plans to make a return after ... Read more »

Gwen Stefani’s Son Kingston, 15, Is So Tall As He Runs Errands With His Mom – Photos

© Provided by Hollywood Life Gwen Stefani Gwen Stefani’s son Kingston towered over her as they kept it casual and dressed comfy for their weekend shopping trip. Gwen Stefani’s, 52, ... Read more »

Christina Aguilera Says She "Couldn’t Be Happier" For Britney Spears After Conservatorship Is Terminated

Christina Aguilera Slams “Devastating and Demeaning” Treatment of Britney Spears After Testimony See more videos What to watch next Stephen Thanks Elvis For Providing The Soundtrack To A Tender Moment ... Read more »

Hot Stocks | Here's why you should bet on Time Technoplast, HDFC for healthy returns in short term

Hot Stocks Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One The market had kicked off the last trading week on a positive note last Monday and it was followed by yet ... Read more »

4 Killed, 1 Injured in Calif. House Party Shooting: 'Worst Act of Violence' in Years, Says Mayor

Four adults were killed and a fifth was injured in an early morning shooting at a house party in Inglewood, Calif., on Sunday, authorities say. Inglewood Mayor James T. Butts ... Read more »

Gabriel Davis answers Mecole Hardman’s TD to cut Chiefs’ lead to 23-21

The Chiefs have scored on their first two possessions of the second half. The Bills went three-and-out, punting on fourth-and-one, but finally answered with a bomb on their second possession ... Read more »

No conspiracy here: Why Rams-Buccaneers finish was different from the final play of Cowboys-49ers wild-card game

© Provided by Sporting News Cowboys fans have snapped out of their offseason hibernation to roast the refs again. People may remember the fateful 49ers-Cowboys end that was rife with ... Read more »

Bruce Arians defends blitz on Cooper Kupp catch, blames communication, execution

Cooper Kupp broke through the Tampa Bay Buccaneers secondary on Sunday to set up a game-winning field goal that sent the Los Angeles Rams to the NFC championship game. The ... Read more »

Attacks inside one of Iran's most secure nuclear facilities are the latest blows in a shadowy battle with Israel

© Reuters A damaged building after a fire broke out at Iran’s Natanz nuclear facility, in Isfahan, July 2, 2020. Reuters A shadowy battle between Israel and Iran has intensified ... Read more »

Heat waste most of big lead, hold on to top Lakers 113-107

MIAMI (AP) — Jimmy Butler broke LeBron James’ record for triple-doubles in a Miami uniform, Duncan Robinson scored 25 points and the Heat held on late to beat the Los ... Read more »

NFC Divisional round overreactions: Have we seen the end of Brady and Rodgers?

Mackenzie Salmon ‘overreacts’ to the biggest storylines from the NFC divisional round games and looks ahead to the NFC title game. Read more »

Harrison Butker’s miss on final play of half leaves Chiefs and Bills tied 14-14

The Chiefs trailed the Bills 24-13 at halftime of Week 5. They are tied 14-14 at intermission of Sunday’s divisional round playoff game after Harrison Butker missed a 50-yard field ... Read more »

Antonio Brown Reacts to Buccaneers Playoff Loss With Meme

© Provided by Sports Illustrated Before the game, the former Tampa Bay wideout wished Tom Brady good luck. View the original article to see embedded media. Former Buccaneers wide receiver ... Read more »

Activist sues Gottheimer, Sussex Democrats over Oath Keeper allegations

© Anna Moneymaker/Getty Images The four-count lawsuit charging defamation and infliction of emotional distress refers to comments Gottheimer made during a debate with Pallotta. A conservative activist from Sussex County ... Read more »

Chinese warplanes fly near Taiwan after US-Japan show of naval might

© From Taiwan Ministry of Defense A Taiwan Ministry of Defense graphic shows where Chinese warplanes flew on Sunday, January 23. China sent 39 warplanes into Taiwan’s air defense identification ... Read more »

Trade Spotlight | What should you do with Shoppers Stop, Sharda Cropchem, SPARC, Hitachi Energy and Bajaj Auto?

Trade Spotlight The market fell for the fourth consecutive session on January 21 as bears tightened their grip over Dalal Street. The BSE Sensex corrected more than 400 points to ... Read more »

Buzzing Stocks | RIL, ICICI Bank, Vodafone Idea and others in news today

Earnings Today | Axis Bank, HDFC Asset Management Companym Apollo Pipes, Apollo Tricoat Tubes, Burger King India, Cera Sanitaryware, Chennai Petroleum Corporation, Craftsman Automation, Deepak Nitrite, Greenpanel Industries, GRM Overseas, ... Read more »

Thierry Mugler: 5 Things On The Iconic Fashion Designer Dead At 73

© Provided by Hollywood Life Thiery Mugler Fashion legend Thierry Mugler has died at 73. Thierry Mugler has died at 73. His death was confirmed on his official Instagram account. ... Read more »

iPhone assembler Foxconn expects ‘unprecedented' first quarter as manufacturers build up inventory

Key iPhone assembler Hon Hai Precision Industry Co may achieve an “unprecedented” performance in the first quarter, according to chairman Young Liu. “Our performance in the first quarter may surpass ... Read more »

Actor Garrett Hedlund reportedly arrested for public intoxication in Tennessee

© (Jay L. Clendenin / Los Angeles Times) Actor Garrett Hedlund attends the 2018 Sundance Film Festival in Park City, Utah. (Jay L. Clendenin / Los Angeles Times) Actor Garrett ... Read more »

New Mexico governor becomes substitute teacher amid school staffing shortage

© Associated Press/Morgan Lee New Mexico governor becomes substitute teacher amid school staffing shortage New Mexico Gov. Michelle Lujan Grisham (D) has registered to become licensed as a substitute teacher ... Read more »

Antonio Brown can't resist dig at Buccaneers after former team's elimination

If you thought Antonio Brown was going to take the high road after the Tampa Bay Buccaneers were eliminated, you just don’t know Antonio Brown. Three weeks after Brown quit ... Read more »

Buccaneers' loss continues crazy Super Bowl streak

© Nathan Ray Seebeck-USA TODAY Sports The Tampa Bay Buccaneers were eliminated from the playoffs on Sunday, and their loss extended a pretty insane streak dating back many years now. ... Read more »

Antonio Brown trolls Bucs with meme after playoff loss

© Vincent Carchietta-USA TODAY Sports Count Antonio Brown among those who seemed pretty pleased that the Tampa Bay Buccaneers were eliminated from the playoffs on Sunday. Brown posted a meme ... Read more »

Antonio Brown trolls Buccaneers after loss to Rams

© Eric Hartline-USA TODAY Sports It was back in early January that the Tampa Bay Buccaneers waived star wide receiver Antonio Brown following a major spat between the enigmatic star ... Read more »

Bucks release statement on Grayson Allen's suspension

© Chuck Cook-USA TODAY Sports The Chicago Bulls learned on Saturday that yet another member of their team would miss an extended period of time with an injury, as guard ... Read more »

Antonio Brown celebrates Tampa Bay Buccaneers' elimination from playoffs with shirtless meme

When the Tampa Bay Buccaneers were upset Sunday afternoon in the divisional round of the NFL playoffs, a marquee former player took to Twitter to celebrate. Former Tampa receiver Antonio ... Read more »

Taliban talks in Norway spark new debate about recognition

© AP Taliban Prime Minister Mohammad Hasan Akhund speaks during an economic conference at the former Presidential Palace in Kabul, Afghanistan, Wednesday, Jan. 19, 2022. OSLO, Norway — A Taliban ... Read more »

We Asked an Expert How To Lose Weight Without Exercising

Table of Contents Nutrition for Weight Loss Vegetables & Protein Powder for Weight Loss Counting Macros, Not Calories, for Weight Loss Consider Natural Appetite Suppressants If your 2022 New Year’s ... Read more »

Cruise ship bound for Miami changes course after US arrest warrant

© Associated Press/Bruce Smith Cruise ship bound for Miami changes course after US arrest warrant A cruise ship headed to Miami changed course and is now docked in the Bahamas ... Read more »

Minnesota man whose wife flew him to Texas to keep him intubated dies of COVID

Scott Quiner’s family did everything to keep him alive in the face of COVID – except prevent it. The reportedly unvaccinated 55-year-old died Saturday after a court battle during which ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic