Investors appeared to brush off the Covid omicron variant's impact on the overall equity outlook. Studies suggest the omicron strain has a lower risk of hospitalization than other coronavirus variants.
“As the new year approaches, it’s helpful to take stock of where things stand in the ongoing pandemic recovery. At a high level, the economy continues its transition to post-recovery growth,” Glenmede’s Jason Pride and Michael Reynolds said in a note Monday.
Energy stocks were among the S&P 500’s leaders Monday as oil prices rose. The sector is set to finish the year as the S&P 500′s top-performing group. Semiconductor stocks also led the way on the benchmark index. Retail stocks also got a lift as holiday sales rose 8.5% in 2021 from last year, the fastest pace in 17 years, according to Mastercard data.
Meanwhile, Covid weighed on travel sectors Monday as airlines, cruise operators and casino stocks took a hit.
