'Omicron Concern Eases' New York Stock Market, Oil, and Cryptocurrency Rise... US Treasury Bonds Fall

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The US New York stock market is showing stability amid the impact of Omicron. US Treasury yields have also risen, and cryptocurrencies are on the rise. Oil prices have rebounded as well, but have not fully recovered their losses.

As of 10:05 AM on the 29th (local time), the Dow Jones Industrial Average was up 0.24%, the S&P 500 index rose 0.96%, and the Nasdaq index increased 1.52% compared to the previous session. Major indices on the New York Stock Exchange had shown a decline of around 2% in the previous trading session due to the Omicron shock.

The 10-year Treasury yield, which had plunged to around 1.4% in the last trading session of last week, has risen to around 1.55%. The rise in Treasury yields indicates a reduction in the preference for safe-haven assets.

The sharply falling dollar index is also on the rise. On this day, the dollar index rose 0.28% to 96.375. The increase in Treasury yields appears to have caused the dollar to strengthen.

International oil prices are also strong. West Texas Intermediate (WTI), which had previously plunged 13%, is up 5.62%.

Bitcoin, classified as a risky asset and showing weakness, has recovered to $57,000, rising about 4% compared to 24 hours ago.

The market rebound today is interpreted as being influenced by analyses that symptoms of patients infected with Omicron are milder than before.

Bill Ackman, founder of the hedge fund Pershing Square, tweeted the previous day that if the symptoms of patients infected with Omicron are milder than before, it would be positive for the stock market and negative for the Treasury market.

Experts' opinions on Omicron remain cautious. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), reported to US President Joe Biden that two weeks are needed to obtain accurate information about Omicron.