Wall St bounces back after rout spurred by inflation, Omicron risks

Merck up as FDA panel narrowly votes to back Covid pill; payrolls, factory activity increase in November

The S&P 500 and the Nasdaq jumped more than 1% on Wednesday following a sharp sell-off triggered by concerns over rising inflation and the new Omicron coronavirus variant, while shares of Merck rose on progress in approval of its COVID-19 pill.

Merck & Co Inc gained 1.8% after a panel of advisers to the U.S. Food and Drug Administration narrowly voted to recommend the agency authorize the drugmaker's antiviral pill to treat COVID-19. All of the 11 major S&P sectors advanced in early trading, with energy, materials and financials leading the gains.

Banks added 2.3%, recouping losses suffered in the