The Fearless Girl statue faces the New York Stock Exchange on Tuesday, July 20, 2021 (AP Photo / Richard Drew)
IN DEVELOPMENT … The story will be updated as new information can be verified. Updated 3 times AlertMe
Shares were higher in morning trading on Tuesday, as investors shed a previous day’s rout over concerns about the spread of a more contagious variant of COVID-19.
The S&P 500 Index was up 1.3% at 10:57 a.m. Eastern time. The Dow Jones Industrial Average rose 1.6% and the Nasdaq composite rose 1%. On Monday, the S&P 500 fell 1.6%, its largest single-day decline since May.
The spread of the more contagious delta variant of COVID-19 has become a matter of concern for investors and policymakers. While tens of millions of Americans have been vaccinated, there remains a significant percentage of Americans who are either reluctant or downright hostile to the idea of getting the vaccine.
Last weekend, Los Angeles Country reinstated an indoor mask warrant as the region’s infection rate rose rapidly again. Other parts of the country, such as southern Missouri, are inundated with COVID cases that are again straining hospitals.
Bond yields fell sharply on Monday, fearing the strong economic recovery from the pandemic could be threatened by additional lockdowns or cases of coronavirus. The yield on the 10-year Treasury bill rose to 1.20% from 1.18% the day before. Just a week ago, the 10-year note was trading at a yield of 1.33%.
Wall Street is also in the middle of the earnings season. IBM rose more than 4% after the company reported better-than-expected revenue and profits, helped by its cloud computing business.
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