Tuesday, July 20, 2021
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On Monday, the markets plummeted on fears of the impact of the Delta variant and the potential implementation of restrictions.
The Dow Jones Industrial fell more than 700 points — it was the biggest one-day fall since October, 2020.
Rhode Island companies were not spared. CVS fell 1.28% and Hasbro lost 2.38% on the day.
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“The market is saying the economy is going to slow down fairly significantly in the next weeks or months,” Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management told the Wall Street Journal.
“Reflecting uncertainty over the economic recovery, travel stocks and leisure headed up much of the market’s losses, with Carnival Corp., American Airlines, United Airlines and Norwegian Cruise Lines tanking between 4.5% and 6% apiece,” wrote Forbes.
This is the second major gut…