The Dow Jones plunged on Tuesday after Modern CEO Stéphane Bancel said he believed that the new ‘Omicron’ variant of Covid-19 was likely more resistant to vaccines. Later in the day Federal Reserve Chairman Jay Powell sent stocks spiraling even further down when he announced that tapering might be wound down sooner than previously believed.
Why it Matters: The new covid variant seems to have spooked investors who fear a potential economic slowdown and more supply chain disruptions if it does in fact prove to be as infectious as many experts believe.
What People are Saying:
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