- US stocks gained on Wednesday, with the S&P 500 posting its greatest three-day rally of 2021.
- Fears over the Omicron virus variant were alleviated after Pfizer and Biontech stated early lab experiments revealed the third dose of their COVID-19 vaccine neutralizes the variant.
- Airlines such as American Airlines, Delta Air Lines, and United Airlines also saw their stock rise. However, the market was pulled down by losses in consumer staples and financials, as technology stocks battled to find direction.
- According to Wall Street analysts, the market will stay volatile until more clarity on the omicron variant's threat to the economy emerges, which, if modest, will allow the market's focus to go back to the Federal Reserve.
- Treasury yields increased, with the 10 jumping to 1.52%. The dollar fell, while crude oil rose.
- Meanwhile, markets in Europe sank 0.6% as news surfaced that the UK is close to issuing more restrictions. This was later confirmed by UK's Prime Minister Johnson, restrictions include more mask mandates, working from home & vaccine passports for big venues.
