Stock Market Plummets On New COVID Variant Fears

November 26, 2021 Business, Coronavirus

U.S. stocks dropped sharply on Friday as a new Covid variant found in South Africa triggered a global shift away from risk assets.

The Dow Jones Industrial Average dropped 1000 points, or 2.8%, for its worst day of the year, while the S&P 500 and Nasdaq Composite slid 2.3% and 2.2%, respectively. Friday is a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 1 p.m. ET.

The downward moves came after WHO officials on Thursday warned of a new Covid-19 variant that’s been detected in South Africa.

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Dow slammed by 1,000 points in worst drop of 2021 on fears about new Covid variant https://t.co/j0TTZrXXuN

— CNBC (@CNBC) November 26, 2021