Home ›› 27 Dec 2021 ›› World Biz
US and eurozone stock markets rose on Monday, shrugging off lingering fears over the fast-spreading Omicron coronavirus variant after the Christmas holiday.
The highly mutated strain has fuelled a massive increase in cases across the globe, with countries reviving lockdowns, thousands of flights cancelled, and cruise ships returning to port with Covid-infected passengers.
There is, however, a "belief that Omicron is going to be a nuisance but not a dire strait for the global economy -- at least not for long," said Briefing.com analyst Patrick O'Hare.
Wall Street was up after the opening bell, with the S&P 500 surging 0.5 percent as it built on last week's record close, which had followed a raft of mostly decent US economic data.
Eurozone markets rose in afternoon trading while Asian markets finished down. London and Hong Kong were closed for a holiday.
"Investors are continuing to shake off concerns regarding the Omicron variant following reports that the risk of hospitalisation is much lower compared to previous variants," said a note by Schwab analysts.
A study released Sunday showed US consumers were in the mood to spend over the holiday season, with retail sales soaring 8.5 percent over last year.
Online sales were up 11 percent and in-store sales up 8.1 percent between November 1 and Christmas Eve, according to the Mastercard SpendingPulse study.
"Consumers splurged throughout the season," said Steve Sadove, senior advisor for Mastercard and former CEO of Saks Incorporated.
