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Global stock markets swooned Monday, with the Dow slumping more than 700 points, as investors grow increasingly anxious about a delta-led resurgence in coronavirus cases and its potential to derail the economic recovery. Oil prices also fell sharply.

The delta variant is now the dominant strain worldwide and surging rapidly, even in countries with high vaccination rates. New coronavirus infections in the United States rose nearly 70 percent in a single week, officials reported Friday, and nearly every state has reported an increase in cases. Japan declared a state of emergency in Tokyo during the Summer Games — which kick off later this week — and banned spectators, but there have been several positive coronavirus tests at the Olympic Village and an alternate for the U.S. women’s gymnastics team has tested positive. Many market watchers are fearful the uptick will lead to a resumption in travel and business restrictions.

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