The overnight session followed a comeback on Wall Street that saw the blue-chip Dow gain nearly 650 points.
The S&P 500 jumped 1.1% on Monday with all 11 sectors registering gains. The Nasdaq Composite reversed higher to end the day up 0.9%. The rally was led by travel-related stocks such as airlines and cruise line operators.
"Easing Omicron fears are making way for investors to position for a more hawkish Fed," said Fiona Cincotta, senior financial market analyst at City Index. "The markets are dialing back on the potential economic damage that Omicron could cause as initial reports suggest that the new COVID variant is less severe."
Investors are betting that the new Covid-19 strain may cause milder illness than feared. White House Chief Medical Advisor Dr. Anthony Fauci said Sunday that the initial data on the variantMeanwhile, investors are also weighing the likelihood that the Federal Reserve would begin to remove its massive pandemic easing policies and hike rates sooner than expected.
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