Stocks, Oil Drop on Omicron Variant Concerns

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U.S. stock indexes fell and investors sheltered in government bonds after drugmakers raised concerns that Covid-19 vaccines might not work as well against the new Omicron strain.

The S&P 500 declined 0.4%, and the Dow Jones Industrial Average fell 0.7%, or about 250 points. The tech-heavy Nasdaq Composite, meanwhile, added 0.1%. Major indexes closed higher Monday, rebounding from a sharp selloff last week.

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