Stocks sink on new COVID variant; Dow loses 905 points

Local News

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI) at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 26, 2021. Asian stock markets sank Friday as traders watched a surge in coronavirus cases in Europe and anti-disease controls that threaten to disrupt trade and travel.(AP Photo/Lee Jin-man)

NEW YORK (AP) — Stocks closed sharply lower on Wall Street Friday, after a coronavirus variant from South Africa appeared to be spreading across the globe and the European Union approved a proposal to suspend air travel from southern Africa.

The Dow Jones Industrial Average lost 905 points. The S&P 500 index fell 2.3%, its worst day since September and the Nasdaq composite also had its worst drop in two months.

Travel and energy stocks are among the biggest losers, with Royal Caribbean, Carnival and Norwegian Cruises all off over 10%.

The New York Stock Exchange closed early at 1 p.m. because of the Thanksgiving holiday weekend.

The World Health Organization classified the new COVID-19 variant as a highly transmissible virus of concern and named it omicron. The panel said early evidence suggests an increased risk of reinfection.

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