Stocks, oil bounce back from Omicron rout

Stocks, oil bounce back from Omicron rout

New York (AFP/APP): US and European stocks as well as oil prices rebounded on Monday from last week’s slump that was sparked by fears over a new variant of Covid-19.
Major Wall Street indices notched solid gains, with the broad-based S&P 500 climbing 1.3 percent. All three major US indices lost more than two percent on Friday amid concerns about emergence of the Omicron variant. “The consensus is that Friday, the market probably overdid” the losses, said Art Hogan, chief strategist at National Securities.
“We have seen that new variant and new waves of Covid infection seem to have a diminishing economic impact because of the level of vaccinations and boosters.” Frankfurt, London and Paris equities all advanced as well, after tumbling on Friday by around four percent on worries about a major hit to the global economy from the new coronavirus mutation.

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