Stocks sink on new COVID variant; Dow Jones loses 890 points

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NEW YORK (AP) — Stocks fell sharply Friday as a new highly transmissible coronavirus variant from South Africa seemed to be spreading across the globe, threatening months of progress at getting the pandemic under control.

Health officials in Europe moved quickly to propose suspending air travel from southern Africa. Meanwhile cases of the variant were found in Hong Kong, Belgium and Tel Aviv as well as major South African cities like Johannesburg.

The Dow Jones Industrial Average dropped more than 900 points in the first 20 minutes of trading to trade at 34,917. The S&P 500 index was down 1.7%, on pace for its worst day since late September. The Nasdaq Composite was down 1.1%.


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