Stock prices around the globe fell on Friday (Nov. 26) after the World Health Organization warned of a new, fast-spreading COVID-19 variant discovered in South Africa.
One of the stocks affected most was Live Nation, which dropped 8.06% on Friday in a shortened day of trading. After rising from $67 a share a year ago to a 52-week high of $127.75 a share in early November, the stock closed at $112.66 Monday, then fell to $103.52 today.
The Dow Industrial Average fell 905 points, or 2.5%, marking its largest one-day percentage drop since October 2020.
The World Health Organization said on Friday that the new variant — called Omicron — “has a large number of mutations, some of which are concerning.” The organization added, “Preliminary evidence suggests an increased risk of reinfection with this variant.”
It is not yer clear how widespread the variant is.
