Stocks sink as omicron, rate worries rattle Wall Street
December 1, 2021
NEW YORK (AP) — Already unnerved by the newest coronavirus variant, Wall Street's losses deepened on Tuesday after the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected.
The S&P 500 was 1.7% lower in afternoon trading after Fed Chair Jerome Powell told Congress the central bank may halt the billions of dollars of bond purchases it's making every month "perhaps a few months sooner." It had been on pace to wrap up the purchases, meant to goose the economy by lowering rates for mortgages and other long-term loans, in June.