Stocks look to bounce back from last week's tumble

Recovery is expected after what is being termed a "terrible" day for the stock market on Black Friday.

The Dow Jones Industrial Average dropped 905 points or 2.5% to 34,899.34, the blue-chip index's worst performance since October 2020, in an abbreviated post-holiday trading session at week's end. The S&P 500 closed down 2.3% to 4,594, its biggest retreat since February, and the tech-dominated Nasdaq finished at 15,491, down 2.2%, for the composite's poorest showing since September.

Analysts suggest the steep declines are a result of fears of a new COVID-19 variant. The omicron variant, named for the letter in the Greek alphabet, has been detected in South Africa, Botswana, Hong Kong and Israel, prompting some countries to institute flight bans.

During the summer, the delta variant was said to have spooked consumers and hurt sectors such as leisure and hospitality.

Looking for more business news? Check out B Magazine, and the B Magazine email newsletter. Go to www.semissourian.com/newsletters to find out more.