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Stocks Rally as Wall Street’s Covid Fears Ease: Markets Wrap

  • Biden cautions against panic over the new coronavirus strain
  • Powell says omicron adds economic risks, inflation uncertainty
Bloomberg business news
Omicron Variant Adds Uncertainty to Markets: RabobankSource: Bloomberg
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Stocks climbed and bonds fell as a relative sense of calm returned to global markets, with investors reassessing their worst-case scenarios for the omicron coronavirus strain.

In a broad-based rally, the S&P 500 posted the biggest advance in more than a month -- wiping out its November losses. The Nasdaq 100 outperformed major equity benchmarks amid gains in technology giants such as Apple Inc. and Microsoft Corp. Treasury 10-year yields topped 1.5%, while the U.S. dollar was little changed.