US stocks trim early losses amid Omicron vaccine optimism

Most of the US stock indices closed lower on Monday, but Wall Street managed to cut its early losses thanks to optimism about the development of a vaccine against the Omicron variant soon.

Bear in mind that the Fed's meeting minutes showed Fed officials are preparing to move quicker in raising interest rate than expected.

St. Louis Federal Reserve President James Bullard said that Fed could raise interest rates as soon as March, which is sooner than expected.

Goldman Sachs analysts projected the Fed to raise interest rates 4 times this year.

Efforts to contain the coronavirus continue in many countries around the world, as governments avoid re-imposing lockdown restrictions to not harm their economies.

Pfizer CEO, Albert Bourla, said that he expects to have a vaccine that targets the omicron variant ready by next March.

As for stocks, Dow Jones fell 0.4% or 162 points, and closed at 36,068, with a day high of 36,175, and a low of 35,639.

S&P 500 fell 0.1% or 6 points to 4,670, after hitting a high of 4,673 and a low of 4,582 points.

Nasdaq rose 0.1% or 7 points to 14,942, with a high of 14,953 and a low of 14,530.