Stocks rally on easing Omicron fears, oil rises

Stocks rally on easing Omicron fears, oil rises

LONDON — Stock markets rallied on Tuesday to fresh record highs as investors bet on reduced economic fallout from the Omicron variant, while oil prices pushed higher as OPEC and its allies raised output.

Traders kept a close watch also over high inflation concerns.

London kicked off its 2022 trading with strong gains for the travel sector that helped push the FTSE 100 above 7,500 points for the first time, while the British pound reached a near two-year high versus the euro.