Stocks, Oil Rise as Investors Shrug Off Omicron Worries

Stocks and oil prices bounced back from Friday’s selloff, with investors betting that the Omicron Covid-19 variant will cause less damage to the global economic recovery than initially feared.

The S&P 500 jumped 1.3% as of the 4 p.m. close of trading Monday, recouping many of its losses after the index suffered its worst one-day percentage decline in nine months. Friday’s selloff came after South Africa identified a fast-spreading strain of the coronavirus, which the World Health Organization named Omicron, and countries around the world responded with a fresh wave of travel restrictions.