IANS News Agency
The US stock market rebounded from three days of losses as it appeared the world's largest economy won't be headed toward renewed and widespread lockdowns to curb the spread of the Omicron coronaviruses variant.
All of the components of the index gained ground. Nike's fiscal second-quarter earnings that exceeded expectations was the reason why the index was topped by the athletic shoe maker. The energy sector paced the S&P 500's advance, in step with a surge in oil prices.
The Omicron variant has become the dominant strain in the US, but data shows that symptoms are milder than the original COVID-19. President Joe Biden said Tuesday that the US should not have to impose new restrictions on homes and businesses because Omicron poses a mass health risk.
500 million free coronaviruses test kits will be sent to homes by the government, according to Biden. Boris Johnson said the country wouldn't impose tougher measures as Christmas approaches.
The US indexes were at 4:00 p.m. on Tuesday.
The stock market has recovered from the recent Omicron selloff. Sam Stovall, chief investment strategist at CFRA Research, said in a note Tuesday that the S&P 500 is flat for the month with the defensive sectors still in front. "We expect a Santa Claus rally."
The last 5 trading days of December and the first two of January have been "Santa Claus' rallies" for the S&P 500, gaining an average 1.2% in price and rising in 58 of the last 76 years.
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Oil prices went up. The price of West Texas Intermediate crude increased by 3.9%. The international benchmark of crude oil climbed 3.7% to $74.14.
The price of gold fell to $1,788.40 per ounce. The 10-year yield increased.
The price of the digital currency jumped 3.6% to $48,684.63.
Business Insider has an original article.
