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December 2 (Reuters) – The Dow Jones and the S&P 500 rebounded on Thursday, boosted by financials and Boeing stocks, as growing cases of the new Omicron variant around the world continued to generate volatility in markets.
Boeing Co (BA.N) jumped 3.5% after the Chinese aviation authority issued an airworthiness directive on the 737 MAX jets that will help pave the way for the model’s return to service in China . Read more
Kroger Co (KR.N) jumped 9.9% to exceed the S&P 500 after the retailer raised its full-year sales and profit forecast, boosted by continued demand for groceries. Read more
Travel and leisure stocks rebounded, with the S&P 1500 Airlines (.SPCOMAIR) and S&P 1500 Hotels, Restaurants and Leisure (.SPCOMHRL) indices increasing 4.5% and 2.8% respectively.
S&P’s top 11 sectors rose early in the session, with eight of them increasing by more than 1% each. Financials (.SPSY) lead the pack, up 2.3%.
Major Wall Street indices closed below key technical levels on Wednesday, with the Dow Jones (.DJI) breaking above its 200-day moving average for the first time since July 2020 amid growing concern over the latest variant of the coronavirus and the hawkish comments from the Federal Reserve. Read more
“It’s a bit of a ‘buy down’ environment … uncertainty will persist over the next week or so as scientists do more studies on the new variant,” said Sam Stovall, strategist Chief Investment Officer at CFRA Research in New York.
“I always think investors want to focus on stocks, you just have to give them a reason to do it.”
Wall Street got a boost this week as investors scrambled for bargains after each withdrawal. Still, all three indexes follow strong weekly losses, with the Dow Jones on track for its fourth consecutive fall.
The United States and Germany have joined countries around the world planning tighter COVID-19 restrictions as the Omicron variant rocked markets over fears it would stifle an attempt to recover from the pandemic. Read more
The CBOE Volatility Index (.VIX), also known as Wall Street’s fear gauge, last traded at 28.6 points, a day after hitting its highest level since February.
As of 10:27 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 462.69 points, or 1.36%, to 34,484.73 and the S&P 500 (.SPX) was up 43.36 points, or 0.96%, to 4,556.40.
The Nasdaq Composite (.IXIC) rose 31.90 points, or 0.21%, to 15,285.96, supported by shares of Amazon.com (AMZN.O), Tesla Inc (TSLA.O) , Microsoft Corp (MSFT.O) and Nvidia Corp. (NVDA.O).
Apple Inc (AAPL.O) fell 2.7% after Bloomberg reported slowing demand for Apple’s iPhone 13. Find out more
Meanwhile, lawmakers have reached a deal to fund the U.S. government until February 18 as they scramble to avoid a partial government shutdown over the weekend. Read more
Stellar earnings reports and strong economic growth propelled US stocks to a series of record highs in November, with the S&P 500 having climbed 20.1% so far this year.
A Reuters poll of stock analysts indicated that a correction was likely over the next six months, with the benchmark expected to gain 7.5% by the end of 2022 to finish at 4,910. Read more
Rising issues outnumbered declines by a 2.63-to-1 ratio on the NYSE and a 1.43-to-1 ratio on the Nasdaq.
The S&P Index recorded three new 52-week highs and nine new lows, while the Nasdaq recorded seven new highs and 393 new lows.
Reporting by Devik Jain and Anisha Sircar in Bangalore; Editing by Maju Samuel
Our standards: Thomson Reuters Trust Principles.
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