News of a new COVID-19 variant has sent stock prices down.
The discovery of a new COVID-19 variant in South Africa has caused a sharp fall for stock markets.
By mid-day, the Toronto market was down by about 500 points, and the Dow Jones industrial average had decreased by over 1,000 points.
Oil prices have plunged by more than 10 percent, and the dollar is down almost a full cent from yesterday's average.
The World Health Organization is calling the new variant Omicron, and says it has a large number of mutations.
The European Union is banning flights from southern Africa, and the federal Conservatives and the premiers of Alberta and Ontario are urging the Trudeau government to take similar action.
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