TORONTO, Dec 1 (Reuters) - Canada"s main stock index fell on Wednesday to its lowest level in over seven weeks as the United States reported its first case of the Omicron variant that investors fear could impede economic recovery, with the index giving back its earlier gains. The Toronto Stock Exchange"s S&P/TSX composite index (.GSPTSE) ended down 195.39 points, or 0.95%, at 20,464.60, its lowest closing level since Oct. 12. Wall Street also closed lower as the U.S. Centers for Disease Control and Prevention said the country had detected its first case of the new COVID-19 variant, which is rapidly becoming dominant in South Africa less than four weeks after being detected there and has spread to other countries. read more It might take longer than expected for supply chain disruptions to abate, "especially if we have renewed shutdowns in Asia," said Kevin Headland, senior investment strategist, Manulife Investment Management. Still, Headland does not expect the new variant to lead to an economic recession or a bear market for stocks in 2022, saying: "Reaction to headline news provides opportunities for those that have a longer-term timeframe to add in the equity markets." The TSX will add to its recent record high over the coming year as the domestic economic recovery helps underpin corporate earnings, but gains are expected to slow from 2020"s breakneck pace, a Reuters poll found. read more The technology sector fell 2.7%, while energy ended 1.9% lower as oil was unable to sustain an earlier rally. U.S. crude oil futures settled 0.9% lower at $65.57 a barrel read more The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.2%. Financials were a bright spot, advancing 0.4%, helped by gains for Bank of Nova Scotia (BNS.TO) as some analysts raised their target price on the stock. Bombardier Inc (BBDb.TO) was among the biggest decliners. Its shares sank 10.4%.