Stocks sink on new COVID variant; Dow loses 950 points

By KEN SWEET and PAUL WISEMAN

NEW YORK (AP) — The stock market’s losses accelerated on Wall Street Friday, after a coronavirus variant from South Africa appeared to be spreading across the globe and the European Union proposed suspending air travel from southern Africa. The Dow Jones Industrial Average briefly lost more than 1,000 points. The S&P 500 index was down 2.3%, on pace for its worst day since February and the Nasdaq composite is also dropping. Travel and energy stocks are among the biggest losers, with Royal Caribbean, Carnival and Norwegian Cruises all off over 10%. The New York Stock Exchange closes early at 1 p.m. Eastern.