Stocks, Oil Drop Sharply on Concerns Over New Covid-19 Variant

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The three major U.S. stock indexes suffered their worst Black Friday losses on record and oil prices fell more than 10% as new coronavirus fears shook markets

Stocks, oil prices and government-bond yields slumped after South Africa raised the alarm over a, triggering concern that travel restrictions and other curbs will spoil the global economy’s recovery.

The Dow Jones Industrial Average closed about 2.5%, or 905 points, lower. That makes it the index’s worst Black Friday session on record, based on data going back to 1950.

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