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Omicron Is Wreaking Havoc. Why Investors Are Calm.

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The Omicron variant of the coronavirus has rapidly become the dominant strain in the U.S. and abroad, and has helped to push daily new cases to pandemic records in several states and countries. The stock market has taken an emotionless view of it all, with a hardly interrupted Santa Claus rally that pushed the S&P 500 index to an all-time high close on Thursday.

This isn’t March 2020, when Covid began spreading through the U.S., and the outlook for markets won’t resemble that “sell first, ask questions later” episode. Federal…

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