If you woke up today after sleeping on from a big turkey dinner last night, you may have awoken to a stock portfolio that just took a massive hit.
The reason for the massive plunge was the news we reported earlier of a new COVID variant that is going through South Africa right now.
As researchers try to figure out the new strain, the markets plunged, as investors are pulling money out in anticipation of what is to come.
Earlier today, the World Health Organization announced it was holding an emergency session regarding the new COVID strain.
However, the organization also warned of reacting in a “knee-jerk” fashion.
Investors waived off the warning, as the market was down over 1,000 points at one point.
The S&P and NASDAQ also took a hit, falling 2.3 and 2.2 percent, respectively.
The only good news for the market today is a shorter session, with a 1:00 p.m. EST close scheduled for today.
Oil also plunged, with Brent Crude, the industry’s global standard, taking an 11 percent hit.
The US benchmark, West Texas Intermediate, also took a significant hit, falling by 12 percent.
As expected, the travel industry took a massive hit, as travel restrictions are already being announced as countries make moves to ensure the new variant does not cross their border.
Airlines and cruise ship lines, for the most part, all experienced a double-digit drop in value.
The United States, so far, has been quiet about instituting travel restrictions against South Africa, with Dr. Fauci stating that he needs to see the data before recommending such a restriction being put in place.
The UK, EU, Israel, and several other countries are not waiting, having already put travel quarantines or outright restrictions on travel to and from South Africa.
What do you guys think? Should travel restrictions be put on South Africa to try to prevent the new COVID variant from entering the United States?
Tell us what you think in the comments section below.