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Stocks sink on new COVID variant; Dow loses 905 points

(AP Photo/Richard Drew, File). FILE - In this Monday, Oct. 29, 2012 file photo, the floor of...
(AP Photo/Richard Drew, File). FILE - In this Monday, Oct. 29, 2012 file photo, the floor of the New York Stock Exchange is empty of traders, as New York's financial district braces for the onslaught of Hurricane Sandy.
Published: Nov. 26, 2021 at 2:48 PM CST
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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.

The S&P 500 index fell 2.3%, its worst day since February and the Nasdaq composite had its worst drop in two months. The Dow closed with a loss of 905 points. Travel and energy stocks were among the biggest losers, with Royal Caribbean dropping 13%, United Airlines falling more than 9% and Exxon losing 3.5%.

The price of oil fell 13% and bond yields fell sharply.

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