New York (AP) Stocks are opening sharply lower on Wall Street – the Dow down 1,026 as of 9:37 ET – Friday after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa.
The Dow Jones Industrial Average dropped more than 900 points in the first 20 minutes of trading. The S&P 500 index was down 1.7%, on pace for its worst day since late September and the Nasdaq composite is also dropping.
Travel and energy stocks are among the biggest losers, with Royal Caribbean, Carnival and Norwegian Cruises all off about 10%. The New York Stock exchange closes early at 1 p.m. Eastern.
There are fears that the new variant, B.1.1.1.529 may be resistant to current vaccines.
Meantime, Belgium and the Netherlands are taking new measures in an attempt to keep a COVID-19 spike from spiraling out of control, hoping that action now will safeguard the joys of Christmas next month.
Belgian Prime Minister Alexander De Croo had to reinforce measures for a the second time in a week and closed dancing and night spots while bars and restaurants will have to close at 11 p.m. for the next three weeks.
Spikes in cases and hospital admissions exceeded even the worst medical predictions, forcing Belgium into quick action. There are more than 25,000 cases a day being reported in the country of 11 million.