Stocks plummet as Omicron variant rattles Wall Street

NEW YORK, NY — Wall Street’s losses deepened on Tuesday amid worries that the omicron variant would hit the global economy. On top of those fears, the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected.

The Dow closed down more than 600 points in trading Tuesday.

Fed Chair Jerome Powell told Congress the central bank will consider halting its bond purchases meant to lower long-term rates sooner than expected.

Short-term Treasury yields rose as investors moved up expectations for a Fed rate hike. Crude oil slid 5.4%.