Omicron surge could be most devastating one yet

Markets rose on Monday, with the S&P 500 gaining 1.4 percent to close at a record high.

Markets rose even as many countries are implementing new restrictions to stem the rise in Omicron infections.

“We do not expect Omicron to impact the growth outlook in any significant way, but rather it is likely to accelerate the end of the pandemic,” said JPMorgan’s Dubravko Lakos-Bujas in a note.

Still, the virus could cause a lot of problems before the pandemic comes to an end.

A report from researchers at the COVID-19 Modeling Consortium at the University of Texas, Austin showed that the Omicron surge could be the most devastating one yet in the US.

“Across all scenarios we expect to see cases that are at least as high as the Delta surge in September 2021, but that would be the minimum,” said Lauren Ancel Meyers, director of the UT consortium. “At a maximum we could see a surge in cases that is even higher than our January 2021 surge, which would make it the biggest national surge seen to date.”