Stocks Drop on Omicron Worries, Powell Warning

U.S. stocks and global oil prices posted their second significant decline in three trading days, reflecting growing concerns about the economic impact of a new Covid-19 variant.

Losses intensified as Federal Reserve Chairman Jerome Powell said risks of higher inflation have risen and that it would be appropriate for the central bank to consider wrapping up its tapering of asset purchases more quickly. The Fed wants to end asset purchases before it lifts interest rates, which are near zero.

Source: WSJ