London Daily

Focus on the big picture.
Saturday, Jul 05, 2025

Biden Says Not Concerned About US Stock Market Plunge as He 'Expected It'

Biden Says Not Concerned About US Stock Market Plunge as He 'Expected It'

US President Joe Biden said on Friday that he is not concerned about the plunge in the US stock market and he had expected it over concerns related to the new Omicron coronavirus variant.

"I expected it," Biden told reporters when asked if he is worried about the stock market plunge.

Earlier on Friday, the US stock market fell 900 points over concerns about the new variant of the novel coronavirus detected in southern Africa.

The US Dow Jones Industrial Average closed 905 points lower, losing 2.5%, as all sectors slid sharply into negative. The S&P 500 slipped 2.27%, while the Nasdaq Composite lost 2.23%, according to CNBC.


Global oil prices also plummeted, with the benchmark blend of oil, Brent, losing 11.26% to slip from $82.26 to around $72.84 per barrel and the American benchmark blend, WTI, losing 12.57% to reach $68.16 per barrel as of 16:52 GMT.


The new variant, B.1.1.529, is reported to carry an exceptionally high number of mutations, many of them in spike proteins, the main target of COVID-19 vaccines, potentially making it even more transmissible than the "delta" strain, which previously became globally dominant.

“We don’t know a lot about the variant, except that it is of great concern, it seems to spread rapidly,” Biden told reporters on Friday.

"[F]or those Americans who are fully vaccinated against severe COVID illness – fortunately, for the vast majority of our adults -- the best way to strengthen your protection is to get a booster shot, as soon as you are eligible," Biden said in a press release. "For those not yet fully vaccinated: get vaccinated today."

On Friday, the US announced new travel restrictions for foreign travelers from eight countries in southern Africa due to the emergence of the new coronavirus variant. Simultaneously, other countries announced the suspension of travel from southern Africa, including the UK, Turkey and EU members.

The World Health Organization (WHO) identified the new variant as one of concern and dubbed it Omicron, the 15th letter of the Greek alphabet.

Comments

ME 4 year ago
This charlatan will say anything.

Newsletter

Related Articles

0:00
0:00
Close
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
×