Wall St. mints robust gains on rosy economic data, abating Omicron fears



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Wall St. mints robust gains on rosy economic data, abating Omicron fears

On Wednesday, a swathe of US stock indices had closed out the session in an upbeat tenure with all three major indices shelving robust gains, as an upbeat consumer confidence data alongside development over Omicron’s impacts on global business landscape, had spurred up investors’ morale.

Apart from that, data released earlier in the day had unfurled that US third-quarter economic growth had been revised higher, while Tesla jumped following a Musk remark that said he had sold ‘enough’ stocks and Pfizer Inc had turbocharged rallies in healthcare and tourism stocks as its oral pandemic Rx had received US FDA approval, eventually easing worries over the pandemic’s fiscal fallout by a significant margin.

Nevertheless, in the day’s vigorous upswing in all three major indices in the Wall Street, was almost entirely galvanized by a US Conference Board survey report that had unmasked its index for US consumer confidence soared further to 115.8 in December, stoking hopes of a flesh-up in US consumer spending deeper into 2022, as Wall Street indices had pared almost all of the loses stomached since last Wednesday’s US Fed policy meet.

Besides, a study from S. African physicians had unveiled that the Omicron variant had shown a much-reduced risk of hospitalization compared to delta, alpha or beta variants, abating investors’ frets while leading to a rally in riskier assets.

Crude oil jumps on improved economic outlook, helping S&P 500’s energy sub-index end sharply higher.

Wall St. ramps up, extends rally on robust economic data

Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow gained 0.74 per cent to 35,753.89 and Wall Street bellwether S&P 500 soared 1.02 per cent to 4,696.56, while tech-heavy Nasdaq climbed 1.18 per cent to 15,521.89.

Meanwhile, as investors’ concerns over Omicron’s potential impact on global economy had allayed in recent past, a chief investment officer at BMO Wealth Management, Mike Stritch said, “We are still struggling for direction in the face of the Omicron outbreak, but in the past few days ...

more and more evidence is building that the strain is potentially less severe than prior strains, specifically Delta, which bodes well for economic momentum in 2022”.