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Stocks and oil prices drop as the world reacts to new coronavirus variant omicron

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Updated November 26, 2021 at 2:44 PM ET Stock markets around the world tumbled on Friday after scientists in South Africa identified a new, fast-spreading variant of the coronavirus , with the Dow Jones Industrial Average recording its biggest single-day drop of the year. At one point, the Dow fell more than 1,000 points before recovering slightly to close down 905 points, or about 2.5%, for the session. Oil prices dropped more than 10%, their steepest one-day decline since early in the pandemic. Virologists are rushing to learn more about the variant of the virus that causes COVID-19 that was first identified in Botswana , and which is rapidly outcompeting other versions of the virus in the region of South Africa that includes Johannesburg. The United States said it will restrict travelers from South Africa and seven other countries starting Monday. It joined at least 10 other countries restricting travel from the region, including Belgium, Britain, France, Germany, Israel, Italy,

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