Global Stocks Dive Over Fears Of The New Covid-19 Variant

CNBC: Dow drops 900 points as new Covid variant sparks market sell-off

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

The Dow Jones Industrial Average dropped 900 points, or 2.5%, while the S&P 500 and Nasdaq Composite slid 1.8% and 1.5%, 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. The new variant contains more mutations to the spike protein, the component of the virus that binds to cells, than the highly contagious Delta variant. Because of these mutations, scientists fear it could have increased resistance to vaccines, though WHO said further investigation is needed.

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Update #1: Stocks crater as new COVID-19 variant triggers market sell-off (FOX News)

Update #2: Stocks sink on fears of COVID-19 variant; S&P drops 1.4% (Canadian Press)

WNU Editor: You can watch stocks trade in real time below: