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Stocks are up 100% since the last dramatic selloff. Here comes the Delta variant

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A widely anticipated retail sales report showed the Delta variant is putting a damper on American consumer spending. That dragged an already lackluster market further into the red as the opening bell rang in New York.
The S&P 500 (SPX), the broadest gauge of Wall Street, finished the day down 0.7%. The Dow (INDU) slid some 280 points, or 0.8%, and the Nasdaq Composite (COMP) fell 0.9%.
Still, the market has come a long way since the dramatic selloff at the start of America’s great lockdown. Staying at home benefited e-commerce giants like Amazon, but also new necessities like Zoom. Stocks rebounded rather quickly, driven by hopes for vaccine and the eventual reopening of the economy, as well as stimulus from the government and the Federal Reserve.

At Monday’s close, the S&P 500 had doubled compared with its pandemic-low in March 2020.

Even though some analysts have repeatedly cautioned that market might be getting ahead of itself, vaccines are here, the…

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