The Dow dragged Wall Street's main indexes lower on Friday, with travel, bank and commodity-linked stocks bearing the brunt of a selloff triggered by the discovery of a new and possibly vaccine-resistant coronavirus variant.
dived 5.1% as investors pared back bets of faster U.S. interest rate hikes.
Global stock markets sold off sharply after reports that the new variant was detected in South Africa, with scientists saying it has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible. The European Union, Britain and India were among places to announce stricter border controls. A top U.S. infectious disease official said a ban on flights from southern Africa was a possibility."Equities are reacting negatively because it is unknown at this point to what degree the vaccines will be effective against the new strain, and thus it increases risk of new lockdowns which leads to an economic hit," said Peter Garnry, head of equity strategy at Saxo Bank.was down 906.
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