U.S. stocks fell 1 % and oil prices fell 3 % as a result of rising Omicron variant cases as well as the possible failure of a US $ 1.75 trillion domestic spending bill by President Joe Biden.
The U.S. saw a 50% increase in cases involving COVID-19 which has caused Uncle Sam's national stock to continue to plummet and the situation worsened when Senator Joe Manchin, who played a key role in approving Biden's US $ 1.75 trillion investment bill, said he would not support the package. .
In addition, oil prices also experienced a decline as a result of investors' concerns about new movement control orders that will inevitably impact oil demand.
In a separate news, the Federal Reserve (Fed) has decided to end the pandemic stimulus package more quickly which indirectly signals about an interest rate hike by the central bank by 3 times by the end of 2022.
In addition, due to the increase in COVID-19 cases around the world, the World Economic Forum has been postponed until mid-2022 which is supposed to be held in Switzerland this January.
The Dow Jones Industrial average was down 1.53%, the S&P 500 was down 1.46%and the Nasdaq Composite was down 1.54%.
MSCI’s worldwide share gauge was down 1.55%.
US crude oil prices were down 3.1% at $ 68.23 a barrel while Brent oil prices were down 2.48% at $ 71.70.
The dollar index was down 0.152% while the 3 -year treasury yield note was down 3.2 basis points or 0.8936%.
