New COVID Variant Fears Send Dow Plunging, Global Travel Restrictions Increasing

A newly-identified COVID variant known as B.1.1.529 has quickly rocked the economy and disrupted international travel. Stoked by fears of this mutating new variant that is thought to be more contagious than previous iterations, the DOW dropped by 900 points, or around 2.5%, when the markets opened on Friday, after being closed on Thanksgiving Day.

Meanwhile, several countries quickly closed down travel to South Africa, where the variant was first discovered, including Bahrain, Belgium, Britain, Croatia, France, Germany, Israel, Italy, Japan, Malta, the Netherlands, Hong Kong, the Philippines and Singapore. This also negatively impacted foreign financial markets.

South African scientists are set to meet with W.H.O. experts today to

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