Stocks sink, oil tanks as new virus variant sparks fears
Pakistan, Nov. 28 -- Stock markets and oil prices plunged on Friday over fears of a new coronavirus variant that scientists warn could be more infectious than the Delta strain and more resistant to vaccines, potentially dealing a heavy blow to the global economic recovery.
The Dow saw its worst drop of the year as Wall Street indices plunged and the dollar floundered, while haven investments such as the yen and Swiss franc rallied.
"It's a single-track market today," said Ross Mayfield, investment strategy analyst at Baird, pointing to fears that the new variant could be worse than the Delta strain, which slowed US growth and hiring in the third quarter.
"I think the market's reaction to the level of uncertainty being faced right now, ...
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