On fears of a new COVID variant out of South Africa, the Dow Jones Industrial Average sank more than 1,000 points at one point during today’s shortened trading day. The S&P 500 index dropped 106.84 points, or 2.3%, to close at 4,594.62. It was the worst day for Wall Street’s benchmark index since February. The Nasdaq Composite lost 353.57 points, or 2.2%, to 15,491.66.
“Investors are likely to shoot first and ask questions later until more is known,” Jeffrey Halley of Oanda said in a report. That was evident from the action in the bond market, where the yield on the 10-year Treasury note fell to 1.48% from 1.64% on Wednesday. As a result, banks took some of the heaviest losses. JPMorgan Chase dropped 3%.