US stocks expanding yesterday’s rally as Omicron’s concerns ease

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Stock prices soared in Tuesday morning trading, expanding the strong uptrend seen in the previous session. All major averages show a substantial upward move, with tech-heavy Nasdaq recording a particularly strong rise.

Currently, the major averages are hovering near the highest levels of the day. The Dow rose 515.44 points (1.5%) to 35,742.47, the Nasdaq rose 440.61 points (2.9%) to 15,665.76, and the S & P 500 rose 93.33 points (2%) to 4,685.00.

Alleviates concerns about the effects of Omicron variants in coronavirus It contributes to the continued strength of Wall Street.

The signs that the variants cause mild symptoms helped to offset concerns that new stocks could hinder the recovery of the global economy.

Uncertainty about Omicron is market Last week, the key average reached its lowest level in more than a month.

The key average is still well below recent highs, and traders continue to take advantage of their recent weaknesses as an opportunity to pick up stocks at a somewhat reduced level.

Intel (INTC) has helped lead an early backlash on Wall Street as semiconductor giants soared 3.8% in pre-market transactions.

Intel’s surge came after the company announced its intention to go public in the United States in mid-2022 through an initial public offering of its self-driving car unit Mobileye.

In US economic news, the Commerce Department released a report showing that the US trade deficit narrowed significantly in October amid a surge in exports.

According to the report, the trade deficit decreased from the revised $ 81.4 billion in September to $ 67.1 billion in October. Economists expected the deficit to shrink from the originally reported $ 80.9 billion last month to $ 67.5 billion.

The trade deficit narrowed as exports increased 8.1% to $ 223.6 billion and imports increased 0.9% to $ 290.7 billion.

Oil services stocks are expanding the rise seen in the previous session, resulting in a 4.4 percent surge from the Philadelphia Oil Services Index.

Oil services stocks continue to be strong as crude oil prices for January deliveries soar from $ 2.57 a barrel to $ 72.06.

Intel is also leading the significant rise in semiconductor stocks with the Philadelphia Semiconductor Index rising 4.4%. The index is moving at a pace of ending the session at a new record high.

There is also considerable strength among networking stocks, as reflected in the 3.7% increase from the NYSE Arca Networking Index.

Steel, software and biotechnology stocks are also showing considerable strength on the day, reflecting a wide range of buying motivations.

In foreign trading, Tuesday’s trading saw a significant rise in the Asia-Pacific stock market. Japan’s Nikkei 225 index rose 1.9% and Hong Kong’s Hang Seng index rose 2.7%.

Major European markets are also showing a strong upward trend on the day. The UK’s FTSE 100 index has risen 1.4%, while the German DAX index and the French CAC 40 index have risen 2.5% and 2.8%, respectively.

In the bond market, the Treasury is expanding the sharp recession seen in the previous session. As a result, the benchmark 10-year bond yield is the opposite of the price, rising 1 basis point at 1.444 percent.

Contact for comments and feedback: editorial@rttnews.com

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US stocks expanding yesterday’s rally as Omicron’s concerns ease

Source link US stocks expanding yesterday’s rally as Omicron’s concerns ease

The post US stocks expanding yesterday’s rally as Omicron’s concerns ease appeared first on Eminetra.

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