S&P 500 surges as Omicron threat eases, Oil prices climb to 1-week high [Video]

S&P 500 surges, as Omicron threat eases

The S&P 500 rose for a second consecutive session on Tuesday, as investors looked to have moved past recent concerns surrounding the Omicron variant.

Tuesday’s surge came as data from GSK, found that its antibody treatment showed resistance against Omicron.

In a statement regarding today’s findings, the company’s Chief Scientific Officer Hal Barron stated that, "These pre-clinical data demonstrate the potential for our monoclonal antibody to be effective against the latest variant, Omicron, plus all other variants of concern defined to date by the WHO".

After the emergence of this latest mutation, markets panicked, with investors selling off positions, to protect themselves from potential downside risks.

This week however has started bullish, with all major U.S. indices climbing higher. As of writing, the S&P 500 was up 2.06%.

Oil prices climb to 1-week high

As indices climbed, so too did energy prices, with crude oil rallying to its highest level in the last week during Tuesday’s session.

WTI crude hit an intraday high of $73.33, which is the highest oil prices have traded since November 29th.

The rally in oil comes a few days after OPEC+ opted to maintain its output increase to 400,000 bpd next month, despite calls from the U.S. for the cartel to do more.

Energy prices dropped by as much as $22 in November, falling to a low of $63 per barrel, after previously trading at $85.

Many believe with an influx of new supply, prices may consolidate between $72 - $80 for the remainder of the year.