Stocks, Oil Drop Sharply on Concerns Over Covid Strain

Stocks, oil prices and government-bond yields slumped after South Africa raised the alarm over a fast-spreading strain of the coronavirus, triggering concern that travel restrictions and other curbs will spoil the global economy’s recovery.

The Dow Jones Industrial Average fell 905.04 points, or 2.5%, to 34899.34. It was the Dow’s biggest one-day percentage drop since October 2020.