A rapid increase in coronavirus cases in the US and abroad is fueling fears of a resurgence of the pandemic and sent shock waves through the stock market on Monday as the highly contagious Delta variant prevailed – and Joe Biden urged Americans, ” please, please get vaccinated â.
The number of new cases, hospital admissions and deaths from Covid-19 has risen worryingly in recent days, mainly due to outbreaks in parts of the country with low vaccination rates as officials warned of a “pandemic of the unvaccinated”.
US stock indices tumbled as investors worried about the impact of the coronavirus on economic recovery, and the president asked more people to get the chance even as he delivered a speech on the economy predicting the ” Doom and Darkness “were generally rejected. His inauguration would bring depression and the death of capitalism with it.
Biden said capitalism is alive and “very good”.
He noted, “Six months into my tenure, the US economy has seen its highest economic growth rate in nearly 40 years … Growth projections have doubled projections to 7% or more … The US is the only developed country that has projections for growth are stronger today than they were before the pandemic broke out. “
However, Monday’s stock market sell-off came as the delta variant of the coronavirus continued to spread in the US and around the world.
Covid cases are now increasing in all 50 US states and some cities are considering again or are already imposing mask requirements.
The Dow Jones Industrial Average closed 725 points, or 2.1%, after losing 946 points earlier in the day. The S&P 500 index lost 1.6% and the tech-heavy Nasdaq Composite lost 1.1%.
The vaccines available work against the Delta variant, but laboratory tests have shown that they are less effective than against the original form of the coronavirus.
And Biden warned that US recovery depends on getting the pandemic under control, noting that four states with low vaccination rates accounted for 40% of all new coronavirus infections last week.
“So please, please, get vaccinated,” said Biden. “Get vaccinated now.”
The average number of new Covid-19 cases per day in the US has tripled in the past 30 days, according to an analysis by Reuters data. In the month from June 18 to Sunday, it climbed from 12,004 to 32,136.
And the average number of people hospitalized with Covid-19 has increased 21% in the past 30 days to over 19,000 from 16,000.
Deaths, which can lag weeks behind a spike in cases, rose 25% last week from the previous seven days, with an average of 250 people dying per day.
As the situation in the UK worsened, US citizens were warned not to travel there.
The UK was moved to the highest level of United States travel policy – “Level 4: Very High” – on Monday to warn that even fully vaccinated travelers could be at risk.
The U.S. federal agency Centers for Disease Control and Prevention (CDC) released the update on the day British Prime Minister Boris Johnson ended masks and social distancing laws and reopened nightclubs.
The move will be a blow to Johnson after trying to find a way to reopen the UK-US travel with Biden.
Americans have been told to “avoid traveling to the UK” but have been advised to ensure they are fully vaccinated if travel is absolutely necessary.
“Due to the current situation in the UK, even fully vaccinated travelers can be at risk of getting and spreading Covid-19 variants,” added the US guideline.
Great Britain joins countries like Brazil, South Africa and the Netherlands at level 4.
India, Iran and Italy are among the countries that have been severely affected by the coronavirus, but are one level lower in the US rating.
In Canada, officials announced that starting August 9, the U.S.-Canadian border will reopen to fully vaccinated American citizens and permanent residents for the first time since the pandemic broke out.
There was no word on when the US would allow Canadians to travel non-essential.