U.S. stocks and oil prices rose, clawing back some losses sparked by worries over the Omicron variant and the unwinding of Federal Reserve stimulus.

Investors have little to go on as they assess whether the variant will lead to renewed restrictions in the U.S. and elsewhere and, if so, how governments and central banks would respond to support the economy. Though drugmakers have said the variant first identified in southern Africa looks like it could make existing vaccines less effective, they expect to be able to update the shots. Investors believe a return to full-scale lockdowns is unlikely.

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