(CNBC) -- Stocks tumbled Tuesday, reversing Monday’s rebound on Wall Street, as investors reassessed risks associated with the new Covid variant, omicron.
Major averages dropped to their session lows after Federal Reserve Chairman Jerome Powell said the central bank will discuss speeding up the bond-buying taper at its December meeting.
The Dow Jones Industrial Average dropped 652.22 points to 34,483.72, dragged down by losses in American Express and Salesforce. The S&P 500 shed 1.9% to 4,567.00. The technology-heavy Nasdaq Composite dipped 1.6% to 15,537.69. The small-cap benchmark Russell 2000 dropped 1.9% to 2,198.91 as economically sensitive names got hit hardest.
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