NEW YORK (AP) — Stocks skidded on Wall Street, and investors sought refuge in government bonds amid worries that fast-spreading variants of the coronavirus will threaten the economic recovery.
The S&P 500 lost 1.6% Monday, and the Dow gave up 725 points, or 2.1%. Airlines and other companies seen as most at threat from pandemic restrictions had some of the biggest losses.
The yield on the 10-year Treasury touched its lowest level since February as investors scrambled for safer areas of the market.
It briefly dipped below 1.20%. Oil also tumbled as markets around the world took at least a pause from their recent, furious runs higher.