A stock market rally today, all major US stock indexes gained more than 1.50%. Nasdaq outperformed. The closing numbers for the stock market today follow. Read the latest stock market news today.
S&P 500: 4,649.23,+81.21(+1.78%)
Dow 30: 35,492.70,+560.54(+1.60%)
Russell 2000: 2,202.95,+63.07(+2.95%)
Stock market news
“Markets rallied on Tuesday, closing higher in a major comeback from the biggest three-day drop since September 30.
In a turnaround from earlier losses, all three major indexes closed up more than 1% each, with the Dow gaining 560 points, or 1.6%. The S&P also rose 1.78% in an 81-point jump, while the Nasdaq Composite gained 360 points, or 2.4%.
The moves follow news of federal involvement to mitigate Omicron and imminent authorization of an at-home Covid-19 treatment after renewed fears around the variant spooked traders in previous sessions, igniting concerns that rising case numbers could derail economic growth and worsen inflationary pressures.
President Biden also announced in remarks Tuesday afternoon that he was considering a reversal of travel restrictions related to the Omicron variant of COVID-19. The U.S. implemented a ban on travel from South Africa along with seven other neighboring countries upon discovery of the strain.
The FDA is expected to authorize at-home treatment pills for the virus from Pfizer (PFE) and Merck (MRK). Shares of Pfizer closed down 3.39% at $58.95 a piece, while Merck traded at $75.43 per share, down 1.14%.
TCW Group Senior Portfolio Manager Diane Jaffee told Yahoo Finance Live earlier that despite immediate sell-offs that typically happen upon new variants or rising cases, the markets always resume their climb once investors get comfortable with vaccination rates, news of treatments and how cases are resolved.
“There is that fear happening in investors’ minds — rightly so,” Jaffee said. “But there is that underlying strength to the U.S. economy that cannot be denied.”
“On the virus side, ultimately what we’ve seen with prior surges and prior variants is that market sell-offs tend to be somewhat contained to a period of time, so we do expect that as we get better and better at dealing with some of these challenges from the economic and market perspective, things will likely settle down despite some of the public health challenges we have ahead,” Meera Pandit, a global market strategist at JPMorgan Asset Management told Yahoo Finance Live.”
Stock market data: Yahoo Finance
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