US stocks sank on concerns over the newly discovered Omicron variant of the coronavirus. The S&P 500 sank 2.2% and the Dow fell 2.0% for the week. Abroad, the FTSE All World Ex US declined 3.6% for the week. The yield on the 10-year Treasury dropped to 1.48% from 1.54%. Oil prices plunged 10.3% over the week to $68.15 a barrel, their lowest level since early September.
President Biden announced he would nominate Jerome Powell for a second term at the Fed.
The US and other countries will tap their petroleum reserves in an attempt to bring down gasoline prices.
Household spending rose 1.3% in October from September.
Weekly unemployment claims fell to 199,000, the lowest level since 1969.