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Markets and oil tumble as a new coronavirus variant brings back travel restrictions.
Nov 26, 2021 | The NY Times
Picture - Markets and oil tumble as a new coronavirus variant brings back travel restrictions.

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Source: FactSet

Stocks around the world tumbled on Friday, with the S&P 500 logging its worst day since February, and oil prices plunged, after evidence of a new coronavirus variant in South Africa prompted some countries to reinstate travel restrictions and reignited concerns about the economic toll imposed by the pandemic.

The number of mutations in this new variant has raised fears that it could be especially contagious and render current vaccines less effective. But scientists haven’t come to firm conclusions yet.

“Where the market is selling off so dramatically is a product of,‘yes, this is bad news,’but also the fact that we have had a pretty strong run with relatively low volatility for a while,” said Kiran Ganesh, a strategist at UBS Global Wealth Management. “It’s still too early to really judge what this, this variant, is going to do.”

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