Overall, the S&P 500 is down only 0.1% since the Omicron variant was identified on Nov 24. The Omicron variant is causing infections to double in 1.5 to 3 days, according to the World Health Organisation. Shares of vaccine makers slumped in December as investors expect the Omicron variant's impact to be limited based on recent data. The average Santa Claus rally has boosted the S&P 500 by 1.3% since 1969, according to the Stock Trader's Almanac. Possible volatilityWhile there will likely be some economic impact from Omicron, US consumer spending will likely remain strong, said Cliff Hodge, chief investment officer for Cornerstone Wealth.

Source: The Edge Markets December 23, 2021 18:53 UTC