Stocks bounce back from three-day rout on omicron concerns, Dow rallies more than 500 points

"If omicron induced illness remains mild, which seems to be of some debate, we could see a rally," Lesko added.

The omicron surge has kept investors on edge with the variant now found in at least 43 U.S. states and 90 countries. Officials with the World Health Organization said omicron is more contagious than any previous variant of Covid-19. The blue-chip Dow dropped more than 400 points for its third straight declining session on Monday. The S&P 500 and the Nasdaq Composite both declined more than 1% Monday. The Dow lost nearly 1,000 points over the previous three sessions.

"As we head into the shortened holiday week amid surging omicron cases, continued supply chain pressures and the failure of the Build Back Better plan, increased volatility and thinner trading volumes could cause the market to overreact, which could be a buying opportunity in the run-up to Christmas," said Mark Hackett, Nationwide's chief of investment research.The Senate will vote

on Biden's sweeping social safety net and climate policy bill in January, despite Democratic Sen. Joe Manchin's opposition to it. It is unclear if Democrats will try to pass a smaller bill that includes only parts of the full package.

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