U.S. stocks dropped sharply on Friday as a new COVID variant found in South Africa triggered a global shift away from risk assets.
The Dow Jones Industrials cratered 905.04 points, or 2.5%, to conclude the post-Thanksgiving session at 34,899.34. U.S. markets were closed Thursday on Thanksgiving Day, and shut down early (around 1 p.m. EST) Friday.
The loss on the week for the blue-chip index was 702 points, or 1.97%.
The S&P 500 index demurred 106.34 points, or 2.3%, to 4,594.62, for a downturn over the last four trading days of 103 points, or 2.2%.
The NASDAQ tumbled 353.57 points, or 2.2%, to 15,481.66, for a loss on the week of 576 points, or 3.59%.
Travel-related stocks were hit hardest with Carnival Corp. and Royal Caribbean down 11% and 13.2%, respectively. United Airlines dropped more than 9%, while American Airlines dropped 8.8%. Boeing lost more than 5% and Marriott International … Read more