Dow falls over 2% as new Covid-19 variant spooks investors; Nasdaq down 1%

The S&P 500 was down 86.05 points, or 1.83%, at 4,615.41 and the Nasdaq Composite was down 214.71 points, or 1.36%, at 15,630.52

Medha Singh and Devik Jain | Reuters
Wall Street, US stocks, S&P, Dow Jones

At 10:06 a.m. ET, the Dow Jones Industrial Average was down 906.49 points, or 2.53%, at 34,897.89, tracking its worst day since late October 2020

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.
Cruise operators Carnival Corp, Royal Caribbean Cruises and Norwegian Cruise Line plunged more than 9% each, while shares in United Airlines, Delta Air Lines and American Airlines slumped almost 10%.
Ten of the 11 major S&P sectors dropped in early trading, with energy sliding 6.3% followed by financials and industrials. The domestically focused Russell 2000 small-cap index tumbled 3.6%, hitting its lowest level in over four weeks. The S&P 500 banks index dived 5.1% as investors pared back bets of faster U.S. interest rate hikes.

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First Published: Nov 26 2021 | 9:28 PM IST

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