Black Friday On Wall Street: New Covid Variant Sends Dow To Its Biggest Drop Of 2021

deadline.com:

A holiday-shortened trading day on Wall Street couldn’t keep bears from rampaging, as the Dow Jones Industrial Average dropped 905.04 points in its worst single outing of 2021.The major index closed the day at 34,899.34, off 2.5%, its biggest decline since October 28, 2020, with news of a new variant of Covid the main culprit.

The S&P and Nasdaq each slipped more than 2%, with the performance of the three major indices combining for the worst Black Friday for the stock market since 1950.The World Health Organization has labeled a new strand of Covid a “variant of concern” and the U.S.

restricted travel from eight African countries. The variant was first discovered in South Africa.Because of Thanksgiving, the stock market closed at 1 p.m.