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Omicron has spread to about a third of U.S. "This Omicron variant, while still largely unknown, through anecdotal evidence points to something that will not be as ground-shaking as was originally thought," Stovall said. The rebound after a recent sell-off shows investors are not giving up on the prospect of a "Santa Claus rally" as Omicron fears recede, said Sam Stovall, chief investment strategist at CFRA Research. Industrials and consumer staples were the S&P's strongest sectors, rising 1.64% and 1.60%.
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MSCI's all-country world index advanced 0.81% and the broad STOXX Europe 600 index rose 1.28%.Įnergy and banking were big movers in Europe, closing up 1.86% and 1.83%, respectively. The Dow Jones Industrial Average rose 1.87%, the S&P 500 gained 1.17% and the Nasdaq Composite added 0.93%. On Wall Street stocks pared earlier strong gains. "Looking at those six different eras, generally speaking value-oriented stocks performed better," Pietrangelo said. There have been roughly six periods since the 1990s marked by rising rates when value did better than growth, said Brian Pietrangelo, managing director of investment strategy at Key Private Bank in Cleveland. They also are likely to hike rates earlier than projected to keep inflation down. Stocks on Wall Street closed a sea of green as economically sensitive value stocks, led by banks and energy shares, rose 1.46% compared to a 0.94% gain in growth stocks.įederal Reserve policymakers are likely to accelerate the tapering of their bond-buying program when they meet next week in response to a tightening labor market. consumer price data due later this week will show the pace of inflation quickening. Gold prices slid on the firmer dollar and rising Treasury yields, but losses were limited on expectations that U.S. 10-year Treasury yield climbing back above 1.4% after sliding last week to its lowest level since late September. government debt surged, with the benchmark U.S. and European shares rallied on Monday after easing concerns about the Omicron coronavirus variant led investors to buy stocks that will likely perform well in a rising interest rate environment. NEW YORK, Dec 6 (Reuters) - The dollar edged higher while U.S. CPI seen sealing case for early Fed taper * China central bank cuts reserve requirement ratio * Investor sentiment rebounds as Omicron fears recede