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All three indexes traded sharply higher earlier in the session after some better-than-expected economic data distracted from the increasingly hawkish tones of the Federal Reserve.
That said, economists predict that the solid end to 2021 could come at the expense to a wobbly start to 2022 as the Omicron variant of the coronavirus is weighing on business activity.
“Investors should not worry too much about weak-ish January economic data, as it is likely temporary, but certainly there does seem to be the added whiff of stagflation in some of the consumption data recently,” said John Vail, chief global strategist at Nikko Asset Management, in emailed comments.
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Read More: Stock rally peters out again