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New COVID variant rattles stock market

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Stocks closed sharply lower on Wall Street Friday, after a coronavirus variant from South Africa appeared to be spreading across the globe and the European Union proposed suspending air travel from southern Africa. The Dow Jones Industrial Average lost 905 points. The S&P 500 index fell 2.3%, its worst day since September and the Nasdaq composite also had its worst drop in two months. Travel and energy stocks are among the biggest losers, with Royal Caribbean, Carnival and Norwegian Cruises all off over 10%. The New York Stock Exchange closed early on the day after Thanksgiving.

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