Business & Investment

Dow Jones Industrial Average: S & P 500 breaks record as Omicron fears decline

Wall Street’s major index recorded a solid rise three times in a row on Thursday, with the S & P 500 hitting a record high. This is because encouraging developments have made it easier for investors to understand the economic impact of the Omicron coronavirus variant.

Stocks finished the holiday-shortened week with positive notes and lifted emotions towards Christmas. Profit was wide across the S & P 500 sector, both up about 1.2%, led by consumer discretion and industry.

Vaccine makers Astra Zeneca Plc and Novavax Inc have stated that their shots are protected from Omicron because UK data suggest that they can cause proportionally fewer hospital cases than the delta type. However, public health experts warned that the fight against COVID-19 was not over yet.

The arrival of Omicron helped increase market volatility for most of the last month of 2021, which was a strong year for equities.

“There are a lot of negative sentiments in the last part of the year, and investors may continue to see fairly strong economic growth and fairly positive developments as they relate to the healthcare innovations surrounding COVID. Matthew Misskin, Co-Chief Investment Strategist at John Hancock Investment Management, said:

The Dow Jones The average of 30 industrial stocks rose 196.67 points (0.55%) to 35,950.56 and the S & P 500 rose 29.23 points (0.62%) to 4,725.79. Nasdaq Composite Index Added 131.48 points, or 0.85%, to 15,653.37.

The defense sector, which was largely outperformed in December, was generally behind Thursday. The real estate sector fell 0.4%.

The S & P 500 rose for three days after falling into the previous three sessions.

Robert Public, Senior Portfolio Manager at Dakota Wealth Management, said:

That week, the S & P 500 rose 2.3%, the Dow rose about 1.7%, and the Nasdaq rose 3.2%.

Before Christmas and the New Year holidays, trading volumes were expected to be lower than usual. The stock market will be closed on Friday to commemorate the Christmas holidays.

In another medical development for a pandemic, the United States gave a broad go-ahead to similar but more effective treatments from Pfizer the day after Merck’s for COVID-19 for certain high-risk adult patients. Approved antiviral drug. Equities fell 0.6%, while Pfizer fell 1.4%.

Last week, as the labor market tightened, the number of Americans submitting new unemployment claims fell below pre-pandemic levels, but consumer spending steadily increased and the economy reached a strong end until 2021. I did.

Tesla’s share price rose 5.8%, two days after CEO Elon Musk said the share price was “almost complete” after recording sales of more than $ 15 billion since early November. Soared in.

The S & P 500 has risen about 26% so far this year. Still, the stock environment could change for next year as the Federal Reserve is expected to start raising interest rates in 2022.

The ongoing issues outperform the NYSE’s decreasing issues by a 2.40: 1 ratio. At Nasdaq, a 2.22: 1 ratio favored Advance.

The S & P 500 recorded 35 new 52-week highs and no new lows. The Nasdaq Composite recorded a new high of 62 and a new low of 80.

Approximately 8 billion shares were traded on US exchanges, compared to an average of 11.8 billion shares per day in the last 20 sessions.

Dow Jones Industrial Average: S & P 500 breaks record as Omicron fears decline

https://economictimes.indiatimes.com/markets/stocks/news/wall-street-rises-at-open-as-omicron-worries-ease/articleshow/88458157.cms Dow Jones Industrial Average: S & P 500 breaks record as Omicron fears decline

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