Stocks and oil prices drop as the world reacts to new coronavirus variant omicron

Article by Martin Kaste and Joel Rose. NPR – Updated November 26, 2021.

Stock markets around the world tumbled on Friday after scientists in South Africa identified a new, fast-spreading variant of the coronavirus, with the Dow Jones Industrial Average recording its biggest single-day drop of the year.

At one point, the Dow fell more than 1,000 points before recovering slightly to close down 905 points, or about 2.5%, for the session. Oil prices dropped more than 10%, their steepest one-day decline since early in the pandemic.

Virologists are rushing to learn more about the variant of the virus that causes COVID-19 that was first identified in Botswana, and which is rapidly outcompeting other versions of the virus in the region of South Africa that includes Johannesburg. […]

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