Benchmarks recorded the worst Black Friday performance in decades, as reports of a new COVID variant spooked investors raising concerns on economic recovery.How Did the Benchmarks Perform?The Dow Jones Industrial Average (DJI) declined 905.04 points, or 2.5%, to close at 34,899.34, its worst single-day decline since Oct 28, last year. The majority of stocks in the blue-chip index ended in the red, led by 8.6% decline in shares of American Express Company AXP. American Express carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The S&P 500 fell 106.84 points, or 2.3%, to close at 4,594.62 on Friday. All the 11 major sectors of the broader index closed in the red, with the energy and financials sectors heading the slump declining 4% and 3.3%, respectively.The Nasdaq Composite Index closed at 15,491.66, after declining 353.57 points, or 2.2%. The tech-laden Nasdaq’s biggest decliner was Pinduoduo Inc. PDD, dropping 15.9% despite an upbeat earnings report. All three benchmarks witnessed a steep decline as coronavirus fears crippled travel, tourism and discretionary stocks. However, work-from-home service providers and vaccine makers edged up.On Friday, the fear-gauge CBOE Volatility Index (VIX) jumped 54%, to close at 28.62, its highest level in two months. Declining issues outnumbered advancing ones on the NYSE by a 5.84-to-1 ratio and a 3.96-to-1 ratio favored decliners on the Nasdaq. The S&P 500 posted seven new 52-week highs and 23 new lows, while the Nasdaq Composite recorded 18 new highs and 334 new lows.Omicron Variant of COVID Slams Black Friday RallyOn Friday, the World Health Organization declared that the new COVID variant, (B. 1.1.529 variant) also known as omicron first detected in South Africa, as a “variant of concern.” The declaration spooked investors and overshadowed the Black Friday shopping day. The new variant is the primary cause for the recent spike in Europe, the strain has also been found in Hong Kong in travelers who returned from South Africa. Stocks related to travel and tourism were hit the hardest, shares of Booking Holdings Inc. BKNG and Marriott International, Inc. MAR declined at least 6.5%, whileUnited Airlines Holdings, Inc. UAL and Royal Caribbean Cruises Ltd. RCL fell 9.6% and 13.2% respectively.However, vaccine makers and companies providing work-from-home services rose sharply. Moderna, Inc. (MRNA) led the rally among vaccine providers rising 20.6%, and Zoom Video Communications, Inc. ZM and Peloton Interactive, Inc. PTON edged up 5.7%.Weekly RoundupFor the week ending Nov 26, the Dow, the S&P 500 and the Nasdaq fell 2%, 2.2% and 3.5%, respectively. The market was closed on Thursday for Thanksgiving and ended at 1 p.m. eastern time on Friday on account of an extended holiday. Benchmarks had a rough week, an expectation of sooner than expected interest rates hike with the renomination of Jerome Powell as Federal Reserve chair by President Joe Biden and strong economic data. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marriott International, Inc. (MAR): Free Stock Analysis Report United Airlines Holdings Inc (UAL): Free Stock Analysis Report American Express Company (AXP): Free Stock Analysis Report Royal Caribbean Cruises Ltd. (RCL): Free Stock Analysis Report Booking Holdings Inc. (BKNG): Free Stock Analysis Report Pinduoduo Inc. Sponsored ADR (PDD): Free Stock Analysis Report Zoom Video Communications, Inc. (ZM): Free Stock Analysis Report Peloton Interactive, Inc. (PTON): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research