This is why we hedge, people. The Dow dropped 800 points while the markets were closes, all the way back to 34,800 while the S&P 500 bottomed out at 4,600, and 16,150 (again) on the Nasdaq and 2,220 on the Russell is back to where we were in February – so much for 2021 being such a fabulous recovery, right?
What happened while we were taking a day off in the States is that a dangerous new Covid mutation has broken out in South Africa. You know – one of those places the GOP blocked Biden from sending vaccines to since we shouldn't be spending money helping other people wipe out Covid – we just do it in the US and pretend the rest of the World doesn't exist. Of course, we didn't wipe out Covid here either and we never will if we keep coddling the anti-vax, anti-mask lobby.
I guess we'll have to go back to drinking bleach if this new strain is getting around the vaccines. You see (and it's sad that I have to explain this) when you vaccinate 2/3 of the people and let the virus run wild in 1/3 of the people – you have given the virus a puzzle to solve (your immunization). Fortunately, you have allowed the virus to experiment with variations of itself on 100,000 people a day in the US and millions globally and then, when the virus figures out a variation that gets around the vaccines – it begins to spread rapidly again through the vaccinated population and we're right back to where we were 2 years ago – making America great, again.
ONLY when you immunize EVERYBODY and leave the virus no one to infect, can you truly eradicate it. We have decided to try to get along with the virus and this is the inevitable result of that idiocy.
B.1.1.529 is now responsible for around 90% of cases in South Africa’s most populous province, Gauteng, home to the political and economic capitals of Pretoria and Johannesburg, quickly crowding out the Delta variant. It has also been detected in neighboring Botswana and in a South African traveler in Hong Kong, said Prof. de Oliveira.