- Stocks in the United States rose in thin trading as the slump in technology stocks eased amid hopes that the economic recovery will be able to withstand the surge in coronavirus cases. Treasury bonds fell in tandem with the dollar.
- The S&P 500 rose 0.2% to reach the 70th record close of the year after spending much of the session little changed. The Dow Jones Industrial Average ended the day at an all-time high, as did the Russell 2000, a proxy for the resumption of trade. In late trading, the tech-heavy Nasdaq 100 also staged a comeback.
- Omicron fears are easing as evidence mounts that the rapidly spreading strain causes milder symptoms, even as worldwide COVID-19 cases surpassed 1 million for the second day in a row. Coronavirus developments, as well as tightening Federal Reserve policy and China's outlook, are among the key risks for 2022.
- Treasuries fell, sending the 10-year yield up 7.4 basis points to 1.55%, breaking through the 50-day moving average that had held it since November 29. Except for the yen, the dollar fell against all of its group of ten peers. Bitcoin remained below $48,000 after a drop that suggested waning interest in the most speculative assets.
