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November 26th, 2021 
Awake Goy 
U.S. stocks suffered from some of the biggest single-day declines of the year on Friday as a new, fast-spreading COVID-19 variant detected in South Africa triggered fresh fears that a resurgent coronavirus could scuttle the global economy’s recovery from the pandemic.
The Dow Jones Industrial Average – after briefly falling more than 1,000 points – ended the day down 905 points, or 2.5%, for its worst drop of the year, while the S&P 500 fell 2.27%, its worst day since February. The Nasdaq Composite dropped 2.23% in the shortened trading session on Friday (U.S. markets close at 1 p.m. ET due to the Thanksgiving holiday.)
The drop comes after health officials warned of a new variant found in South Africa that has a high number of mutations and has spread quickly among young people. The World Health Organization is due to meet Friday to discuss whether the strain is a concern and to determine whether to give it a name from the Greek alphabet.
“The new variant news has brought with it a sell first and ask questions later mentality,” said Ryan Detrick, chief market strategist for LPL Financial.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34899.34 | -905.04 | -2.53% |
| SP500 | S&P 500 | 4594.62 | -106.84 | -2.27% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15491.656804 | -353.57 | -2.23% |
The economic impacts of the new strain – which has been found in Hong Kong, Belgium and Israel, as well as South Africa – were already being felt on Friday, with at least 10 European nations suspending air travel from southern Africa. The 27-nation European Union also recommended an “emergency brake” on travel from southern Africa, citing the “very concerning” new variant.
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