Stock market today
S&P 500: 4,686.75,+95.08(+2.07%)
Dow 30: 35,719.43,+492.40(+1.40%)
Russell 2000: 2,246.15,+42.67(+1.94%)
Stock market news
“Stocks jumped on Tuesday to extend gains from earlier this week, with volatility stemming from concerns about the Omicron variant at least momentarily abating.
The Nasdaq outperformed against the S&P 500 and Dow, rising 3% in intraday trading. The S&P 500 and Dow also moved sharply higher, however, with gains of 2.2% and 1.6%, respectively. The Dow’s 1.9% move higher on Monday had been its best since March.
More upbeat commentary and preliminary data suggesting the Omicron variant may not produce as severe of infections as previously feared helped boost markets over the past couple sessions. And elsewhere, renewed commitments by Chinese economic officials to focus on policies that would boost economic growth helped fuel global risk assets. Earlier on Monday, the People’s Bank of China cut its reserve requirement ratio for banks in the region, easing monetary policy at a time when many other global central banks including the U.S. Federal Reserve have been starting to move toward rolling back highly accommodative policies.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), told CNN on Sunday that “thus far it does not look like there’s a great degree of severity” to the Omicron variant relative to prior mutations of the virus. And pharmaceutical company GlaxoSmithKline said that preliminary data showed its coronavirus antibody treatment remained effective against the “full combination of mutations” present in the Omicron variant, according to a statement Tuesday.
The CBOE Volatility Index (^VIX) decreased to just below 24 as investors assessed the risks of the Omicron variant in light of new remarks. This brought the so-called “fear gauge” down from its peak of more than 35 on Friday, or its highest level since January.
“The level of volatility is somewhat logical here because a lot of this started prior to the Omicron variant really emerging. We knew that [Fed Chair Jerome] Powell was changing course in terms of his policy actions, he was speaking more hawkishly. Markets were already in the process of re-pricing a bit,” Jim Caron, Morgan Stanley Investment Management fixed income portfolio manager, told Yahoo Finance Live on Monday.”
Stock market data: Yahoo Finance
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