Russell 1000 dodges the worst of the Omicron meltdown

The discovery of a new Covid-19 variant in late-November ratcheted up already high anxieties about renewed lockdowns across Europe, worsening inflation and central-bank tightening, triggering a panic sell off that left few of the world’s equity markets and stock sectors unscathed.

Along with only a handful of other stock markets, the US held up reasonably well amid the global rout, outperforming the FTSE All-World Index for November and barely denting its significant lead for the year so far. The FTSE Japan, FTSE Asia Pacific and FTSE Emerging indexes suffered the steepest losses.

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