Wall St. claws back sharply after Omicron-led freefall

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Wall St. claws back sharply after Omicron-led freefall

On Monday, a perspicacious bunch of bargain hunters had driven the Wall St. higher following a mass-scale buy-the-dip move, while all three major stock indices in the Wall Street had closed out the session sharply higher and pared some of Friday’s losses, as investors skepticism over a tightening of pandemic restriction due to Omicron variant had obliviated following soothing comments from US President Joe Biden alongside S.

African doctors who have been treating Omicron cases. Earlier in the day, the US President Joe Biden was quoted saying that any Omicron-led lockdowns would be off-the-table for now, as the variant remained as a reason of concern, but not for panic, which eventually helped Wall Street open higher.

Nevertheless, US stock futures opened up the session broadly higher after the Chair of S. African Medical Association was quoted saying that the patients having infected with Omicron variant were showing ‘very mild symptoms,’ while top officials in Riyadh and Kremlin said that the variant was an alarming bell thus far, eventually assisting stocks exposed to oil prices to end higher.

Nonetheless, in the day’s Wall St. was almost entirely supercharged by a broad-based rally in Nasdaq amid a gyration from value to growth stocks ahead of a taper of US Fed’s bond repurchase program, while S&P 500 and Dow were propelled higher by bargain hunters who were reportedly buying the dip as beforemtioned.

Wall St. ends sharply higher after Friday-shock

Citing statistics, in the day’s Wall St. closing bell, trade-sensitive Dow added 0.65 per cent to 35,126.09 and benchmark S&P 500 gained 1.28 per cent to 4,654,43, while tech-heavy Nasdaq ticked as much as 1.86 per cent higher to 15,780.27.

Meanwhile, addressing to an ease in Omicron panic among market participants, a senior market analyst at OANDA, Edward Moya said, “Friday was a major de-risking event. You had the market go back to its worst fears of COVID spreading and the return of lockdowns.

Now you're starting to see there is some optimism when you listen to the President, when you listen to the Pfizer CEO. The Omicron panic is easing, and we're into a period of wait and see”.