Dow falls 700 points as new coronavirus variant threatens to derail global economic recovery

The stock market fell in post-Thanksgiving trade.

AP Photo/Richard Drew

The US stock market fell on Friday as investors returned from the Thanksgiving holiday worried about the economic recovery because of rapidly rising cases of COVID from a new strain identified in South Africa.
The S&P 500 and the Nasdaq fell by more than 700 points as the Dow Jones Industrial Average fell by 700 points. The trading will end at 1 p.m. Thursday's holiday was followed by an Eastern time.
The US indexes stood at 9:30 a.m. on Friday.

The World Health Organization held a special meeting on Friday to discuss the variant of coronaviruses that is spreading from South Africa.
We know that this variant has a large number of changes. The WHO's technical lead on COVID-19, Dr. Maria Van Kerkhove, said in a live streamed update that the concern is that when you have so many mutations, it can have an impact on how the virus behaves.
Travel stocks are sliding because of travel restrictions from the European Union, the UK, Japan and other countries.

The shares of vaccine makers and stay-at- home stock plays went up.
The price of gold rose to $1,806 per ounce. The 10-year yield dropped.
West Texas Intermediate crude was down 5.6% at $74.11 per barrel.

It fell to $54,616.55.

Business Insider has an original article.