The Dow Jones Industrial Index (^DJI) settled down 905 points (2.53%) in its worst post-Thanksgiving Day performance since 1931
The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 14.2 basis points at 0.502, the sharpest drop since March 2020. The yield on 10-year Treasury notes was down 16.8 basis points to 1.477%. The yield on the 30-year Treasury bond was down 14.2 basis points to 1.829%.
U.S. stocks dropped on Friday, with the Dow and S&P 500 suffering their biggest one-day percentage drops in months, and pandemic-hit sectors that have benefited from a reopening falling sharply after a new and potentially vaccine-resistant coronavirus mutation was found. Authorities around the world reacted with alarm on Friday to the coronavirus variant found in South Africa, with the European Union and Britain among those tightening border controls as researchers sought to establish if the mutation was vaccine-resistant. Cruise operators Carnival Corp, Royal Caribbean Cruises and Norwegian Cruise Line each plunged more than 10%, while shares in United Airlines, Delta Air Lines and American Airlines also tumbled.