Shares open higher as the seesaw moves on Omicron continues

US stocks and oil prices rose, suggesting that markets would recoup some losses caused by concerns over the Omicron variant and the phasing out of the Federal Reserve stimulus.

Investors have little to go on when considering whether the variant will lead to renewed restrictions in the US and elsewhere, and if so, how governments and central banks will react to support the economy. Although drug manufacturers have said that the variant that was first identified in South Africa appears to make existing vaccines less effective, they expect to be able to update the shots. Investors say a return to full-scale shutdowns is unlikely.