U.S. Stocks Fall on Covid Fears While Havens Gain

(Bloomberg) — U.S. stocks slid as a post-Thanksgiving sell-off spread across global markets amid growing fears that a new coronavirus variant identified in South Africa could spark fresh outbreaks and scuttle a fragile economic recovery. Haven assets surged.

Cyclicals and small-caps took the brunt of the selling, with the S&P 500 Index falling the most since February. The Russell 2000 sank 3.7% after falling more than 4%. Travel and leisure stocks tumbled, while stay-at-home shares gained. In Europe, the Stoxx 600 closed down 3.7%, the most since June 2020. Oil tumbled through $70 a barrel in New York for the first time since late September.