Stocks jumped for a second day Tuesday as investors continued to wager that the new COVID won’t pose a big threat to the economy. The S&P 500 rose 1.4% in the first few minutes of trading, adding to its gains from a day earlier. It finished up 95.08 points, or 2.07%, closing in on its all-time high. CNBC reports that tech stocks led the way Tuesday, with the Nasdaq rising 461.76 points, or 3.03%, to 15,686.92 on its best day since March. The Dow Jones Industrial Average rose 492.40 points, or 1.4%, to 35,719.43.
Energy and banking stocks rose, as did airlines, cruise lines, and other travel companies that stand to gain from avoiding more anti-coronavirus controls. Intel jumped 3.8% followings reports that it plans to publicly list shares in Mobileye, its self-driving car unit, next year, reports the Wall Street Journal. Another chip-maker, Nvidia, rose 8% and Marvell was up 7.1%. "A couple of days without a negative omicron headline has the dip buyers flooding back in," said Craig Erlam, senior market analyst at OANDA, per CNBC.
Reports from South Africa that hospitals haven't been overwhelmed "is fueling some optimism” among traders, said Yeap Jun Rong of IG in a report. It will still take a few weeks to learn whether omicron is more contagious, causes more severe illness, or evades immunity, the AP reports. Investors also are factoring mixed US jobs data and the Federal Reserve's plan to accelerate its withdrawal of stimulus to cool inflation pressures. The US government is due to report November consumer inflation on Friday.
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