TIMOTHY A. Clary is pictured.
US stocks ended Monday's session sharply higher, shifting into recovery mode as investors appeared to embrace reports that the most recent variant of coronavirus is so far showing to provoke less severe symptoms than previous strains.
After Friday's selloff, Wall Street's major benchmarks gathered upward strength during the session, leaving the Dow Jones Industrial Average up by more than 600 points. On Monday, the index swung out of the negative territory.
South Africa and Japan reported that Omicron patients are mostly experiencing mild symptoms, with comparisons being made to the original COVID-19 and Delta strains. Omicron was first identified in South Africa.
The market is aware that the Omicron variant is skewing positive and that it is unlikely that there will be renewed lock downs or aggressive restrictions. It's still not clear what's going on, but the stocks are responding well so far.
The US indexes were at 4:00 p.m. on Monday.
The Q4 has been surprisingly robust after the Delta surge. "This will bode well for nominal GDP growth and corporate earnings being able to keep up with lofty expectations." The outlook for the stock market looks strong if supply pressures moderate and we see signs of improvement.
The shares of the luxury electric vehicle maker fell after it was revealed that it had been subpoenaed by the SEC.
The group that tried and failed to win a copy of the US Constitution at an auction saw its people token spike since it was dissolved.
West Texas Intermediate crude increased by 5.1% to $68.64 per barrel. The price of oil climbed about 5% to $73.35 per barrel.
The price of gold fell to $1,777.56 per ounce.
The crash of other cryptocurrencies led to a fall in the price of Bitcoin.
Business Insider has an original article.
