Nasdaq soars 3% as US stocks erase nearly all Omicron losses

Nasdaq soars 3% as US stocks erase nearly all Omicron losses
Traders work on the floor of the New York Stock ExchangeAndrew Burton/Getty Images

US stocks soared on Tuesday as fears surrounding the Omicron virus faded.

Early data from GlaxoSmithKline shows that its antiviral drug retains activity against the variant.

Oil prices surged on Tuesday as investors now see little chance of Omicron disrupting the economic recovery from the pandemic.

US stocks surged on Tuesday, with the Nasdaq jumping over 3% and recovering all of last week's losses as fears of the COVID-19 Omicron variant begin to recede to the back of investors' minds.Early data from GlaxoSmithKline is likely helping ease the concerns, as the drug maker said its antiviral treatment retains in vitro activity against the full Omicron spike protein. That data lines up with prior comments from Merck and Pfizer, with both saying last week they expect their antiviral pill to work against all COVID-19 variants.With Omicron now seen as having a diminishing chance of disrupting the economic recovery from a global pandemic, oil prices surged about 2%.A Here's where US indexes stood after the 4:00 p.m. ET close on Tuesday:
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