Stock Market Tanks In Short Session Due To Concerns Over New COVID Variant
By Bill Galluccio
November 26, 2021
The stock market had one of its worst days of the year on Friday (November 26) due to concerns about a new coronavirus variant. The Dow Jones Industrial Average fell by 905 points, while the NASDAQ was down over 350 points, and the S&P 500 closed the shortened trading day down over 100 points.
It was the worst day of the year for the Dow Jones.
News of the heavily mutated strain of COVID spooked investors who are concerned about the impact it could have if countries put new restrictions in place if it begins to spread around the globe. Currently, the latest mutation, known as Omicron, has been identified in Belgium, Botswana, Hong Kong, and South Africa.
"When I read that there's one [case] in Belgium and one in Botswana, we're going to wake up next week and find one in this country. And I'm not going to recommend anyone buy anything today until we're sure that isn't going to happen, and I can't be sure that it won't," CNBC'sJim Cramer said.
Other financial experts aren't too worried and see Friday's downturn as a buying opportunity when the markets reopen on Monday.
"Friday is the day after Thanksgiving, probably not as many traders on the desks with an early close today. So potentially lower liquidity is causing some of the pullback," Ajene Oden of BNY Mellon Investor Solutions said on CNBC'sSquawk Box. "But the reaction we're seeing is a buying opportunity for investors. We have to think long-term."