NEW YORK — Global stocks and oil prices tumbled early Friday after South Africa found a fast-spreading coronavirus variant and the European Union proposed suspending air travel from southern Africa.
The Dow had plunged 2.5% — a loss of about 900 points — in the opening 20 minutes of Friday's abbreviated trading session.
London’s benchmark fell 3% and Tokyo lost 2.5%. Shanghai, Frankfurt and Hong Kong also declined.
Some European countries already tightened anti-virus controls this week after their own case numbers spiked. Britain banned flights from South Africa and five nearby countries.
Benchmark U.S. crude fell more than 5%. Bond yields tumbled.