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Stocks sink early Friday over fears of new COVID-19 variant in South Africa

Wall Street New York Stock Exchange Stocks Dow Jones
Posted at 9:55 AM, Nov 26, 2021
and last updated 2021-11-26 10:01:04-05

NEW YORK — Global stocks and oil prices tumbled early Friday after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa.

The Dow had plunged 2.5% — a loss of about 900 points — in the opening 20 minutes of Friday's abbreviated trading session.

London’s benchmark fell 3% and Tokyo lost 2.5%. Shanghai, Frankfurt and Hong Kong also declined.

Some European countries already tightened anti-virus controls this week after their own case numbers spiked. Britain banned flights from South Africa and five nearby countries.

Benchmark U.S. crude fell more than 5%. Bond yields tumbled.