U.S. Equities Pared Losses as Investors Eases Concerns on Omicron

U.S equities recovered from Friday’s selloff after investors at ease on reports that omicron variant has been relatively mild.

S&P 500 rose 1.2% erasing last week’s losses while Nasdaq 100 gained 0.9%.

Markets took a sigh of relief after reported emerged omicron cases did not result in surge in hospitalization. U.S. President’s chief medical adviser – Anthony Fauci on Sunday said, data from South Africa shows omicron variant do not show hospitalization which implied there is not a great degree of severity of the variant.

Saudi Arabia increased crude prices which signaled markets that there is confidence on market demand.