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Stocks sink on new COVID variant; Dow loses 905 points - apnews.com
Nov 27, 2021 1 min, 1 sec
NEW YORK (AP) — Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe.

Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.

The index was dragged lower by everything from banks, travel companies and energy companies as investors tried to reposition to protect themselves financially from the new variant.

The price of oil fell about 13%, the biggest decline since early in the pandemic, amid worries of another slowdown in the global economy.

Exxon shares fell 3.5% while Chevron fell 2.3%.

There have been other variants of the coronavirus — the delta variant devastated much of the U.S.

Fearful of more lockdowns and travel bans, investors moved money into companies that largely benefited from previous waves, like Zoom Communications for meetings or Peloton for at-home exercise equipment.

The coronavirus vaccine manufacturers were among the biggest beneficiaries of the emergence of this new variant and the subsequent investor reaction.

Merck shares fell 3.8%, however.

Roughly 3.4 billion shares exchanged hands on the New York Stock Exchange, which is only modestly below the 4 billion shares traded on an average day

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