Producers of metals and other raw materials rallied, as traders rotated back into cyclical sectors, betting the Omicron variant of Covid-19 would not be as severe as other strains.

Safe-haven gold futures hit their highest level since Nov. 26, amid rumblings of military conflict and inflation concerns. President Biden reportedly warned Russian President Vladimir Putin that the U.S. and its allies would meet a military escalation in Ukraine with strong economic and other measures.

Inflation and Federal Reserve policy could influence the market outlook as much or more so than developments with Covid-19, said Goldman Sachs Group Chief Executive David Solomon, speaking on CNBC.

Specialty materials maker Eastman Chemical said it expects 8% to 12% adjusted earnings per share growth between 2021 and 2024.


 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

12-07-21 1643ET