Local financial advisor says the stock market could be rocky due to new COVID-19 variant

Posted on December 2, 2021
Kevin Kingston with Savant Wealth Management spoke with WJBC’s Todd Wineburner. (Photo courtesy: WJBC/File)

By Blake Haas

BLOOMINGTON – According to a local financial advisor, the new COVID-19 variant Omicron could bring market volatility to wall street.

On Wednesday, the Centers for Disease Control and Prevention (CDC) reported the first cases in the United States.

Kevin Kingston with Savant Wealth Management said market volatility is two-fold.

“When you look at the new variant causing more delays in some markets reopening, many concerns, that’s certainly is relating to market volatility. And then I would quickly add to that the Federal Reserve talking about tapering sooner, quicker, more rapid pace. Some of the market commentators are saying they may taper at $30 million a month instead of $15 million.”

According to CNBC, Federal Reserve Chairman Jerome Powell said he expects policymakers to discuss accelerating the timetable for the tapering of monthly bond purchases in December.

“And certainly (Chairman) Powell is sending some of those messages,” Kingston told WJBC’s Todd Wineburder. “He commented that inflation is much more present than previously thought.”

On Thursday, the Dow Jones Industrial Average (DJIA) finished up 617 points at the close.

Blake Haas can be reached at [email protected].

Blogs

Labor Day – Expanding voting rights for all

By Mike Matejka Because of COVID, there is no Labor Day Parade this year.  It’s always a great event for our everyday workers to march proudly down the street and enjoys the festive crowd. If there had been a parade, this year’s Labor Day theme was to be “150 years of struggle: your right to vote.” …

Is federal mobilization the answer?

By Mike Matejka As President Donald Trump threatens to send federal marshals into Chicago, over the objections of Illinois Governor J.B. Pritzker, recall another Illinois Governor who protested the incursion of armed federal personnel into the city.   Those federal troops, rather than calming, escalated the situation, leading to deaths and violence. Illinois poet Vachel Lindsay…

In these troubled times, to my fellow white Americans

By Mike Matejka Our nation is at a unique watershed in human relations. African-Americans have been killed too many times in the past before George Floyd, but the response to this man’s death is international and all-encompassing. I was a grade-schooler during the Civil Rights 1960s. I watched Birmingham demonstrators hosed and the Selma – Montgomery…

Workers’ Memorial Day – Remember those whose job took their life

Looking around our community, when we say employer, most will respond to State Farm, Country, or Illinois State University.   We too often forget those who are building our roads, serving our food, or our public employees. COVID-19 has made us more aware of the risk.  Going to work every day for some people means…