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How Risky Is “Omicron” for Stock Bulls?
Stock investors continue to have many unresolved issues about the “Omicron” Covid strain, the two most pressing of which are how rapidly it will spread and if existing immunizations will give some protection.
Health professionals simply state that it is still too early to determine the full extent of the hazard posed by this new type. It might be a few weeks before they get more particular information. President Biden stated yesterday that the new variant will not result in lockdowns or other restrictions in the United States. Federal Reserve Chair Jerome Powell is scheduled to testify before the Senate Banking Committee today about the threat the new variant may pose to the United States’ economic recovery.
Powell acknowledged the general recent spike in U.S. Covid cases, as well as the introduction of Omicron, as downside risks to the economy in prepared testimony posted yesterday, but also underlined how fast the economy rebounded once the summer’s Delta wave began to wane.
The attention is on earnings.
The majority of Wall Street still expects the Fed to raise interest rates twice in 2022, with many insiders predicting three rate rises.
Today, investors will return their focus to results from prominent technology companies Salesforce, Hewlett Packard…
