The S&P 500 rose 2.3 percent last week as investors turned optimistic towards the year end.
“I think all the things we’ve been concerned about for the month of December to a certain extent, are in the rearview mirror,” said Art Hogan, chief market strategist at National Securities.
“Whereas the market was focusing on everything that could go wrong since Thanksgiving, people are now just taking a sunnier view,” said Paul Hickey, co-founder of Bespoke Investment Group.
Studies showing that the Omicron variant may be milder than other variants of the coronavirus has fed the optimism, although US infectious disease expert Dr Anthony Fauci warned against complacency.
Fauci told ABC on Sunday that infections “go up and up” every day and “we don't want to get complacent” because “when you have such a high volume of new infections, it might override a real diminution in severity”.
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