The markets are rallying hard on the bet that Omicron won’t be serious — and might even help create a way out of the pandemic. KevinTDugan reports
He’s feeling bullish. Photo: Spencer Platt/Getty Images Let’s just bottom-line this. Whatever concerns there may be from health professionals about the risks of Omicron, about how it’s still too early to know its true severity, Wall Street has placed its bets — and they are remarkably optimistic. The fear that was palpable in March 2020, when stocks cratered and the economy was shuttered, is nowhere to be seen.
The bank isn’t alone, either. Ryan Detrick, the chief market strategist for LPL Financial, says that even if Omicron is a concern, the country is prepared to handle it. “Admittedly, we don’t know how effective current vaccines are against Omicron, or how transmissible it is, but we do know that the appetite for another nationwide shutdown is quite low and that these questions should be answered over the coming weeks,” he wrote in a research note.
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