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US stocks extended gains on Tuesday as the S&P 500 sees its best four-day winning streak since November amid investor optimism that the current spread of Omicron infections will have a short-lived impact on the global economy.
Studies suggesting the new variant brings about milder symptoms, as well as guidelines from the Centers for Disease Control and Prevention to shorten isolation times for those infected to five days out of ten, have contributed to solid December gains for stocks on Wall Street, even if it number of cases continues to rise.
Apple (AAPL) – Get Apple Inc. ReportIn fact, late Monday it said it will close all 12 stores in New York City amid a spate of Covid infections in the state, where the number of hospitalizations over Christmas week has surpassed 5,500, a level most recently recorded in February. was seen, and the number of daily cases nearly 50,000.
Globally, reported Covid cases hit a record 1.44 million on Monday, pushing the seven-day moving average to about 841,000.
Still, markets found support from Europe on Tuesday, with governments in Britain and France refusing to impose new restrictions on businesses and individuals despite rising cases and accelerating hospitalizations.
On Wall Street, the Dow Jones Industrial Average rose 155 points by midday, while the S&P 500 rose 2.5 points from last night’s all-time high.
However, the tech-focused Nasdaq Composite was down 55 points even as 10-year Treasury yields fell to 1.465% in early trading in New York.
Tesla (TSLA) – Get Tesla Inc Report stocks were a notable early mover, rising 1.2% after analysts from Wedbush released a note maintaining their “outperform” rating for the stock, claiming that Chinese demand will remain a “spindle” in growth of the car manufacturer in the short term.
Apple was also on the move, falling 0.25% — but still close to a historic market cap of $3 trillion — following last night’s news of New York store closings.
Boeing (BA) – Get Boeing Company Report Shares also posted a 1.7% gain after officials in Indonesia approved the aircraft maker’s 737 Max for return to service after a crash in October 2018.
Indonesia’s transport ministry said the decision was effective immediately, marking one of the latest hurdles to adopting the workhorse jet in a major aircraft market, with China’s Civil Aviation Authority (CAAC) issuing an “airworthiness directive” earlier this month. .
While they remained in the industry, airline stocks were higher even after the country’s top infectious disease expert, Dr. Anthony Fauci, suggested a vaccine mandate could be needed for domestic travel, adding further pressure from the cancellation of a further 700 flights today amid Covid-related staff shortages and severe winter weather.
United Airlines (UAL) – Report from United Airlines Holdings, Inc. receive shares were up 1.1%, while Delta Air Lines (BY) – Report from Delta Air Lines, Inc. receive won 0.9% to $38.06 and American Airlines (AAL) – Report from American Airlines Group, Inc. receive 1.1%.
In overseas trading, Europe’s Stoxx 600 was up 0.55% for the region during afternoon trading in Frankfurt, extending its recent month-long high, while the Asian MSCI ex-Japan index added 0.55% against the end of the session.
In Japan, the Nikkei 225 closed 1.37% higher at 29,069.16 points, with shares boosted by data showing a sharp rise in factory output in November, driven by a 43.1% recovery in domestic auto production.
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