Wall St. winds up higher as vaccine update feeds optimism

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Wall St. winds up higher as vaccine update feeds optimism

On Wednesday, all three major indices of Wall St. had winded down the day modestly higher with growth stocks stretching out their latest leg of rallies, helping Wall Street coffer up a third straight session of gains, as test data had revealed that the existing vaccines which were initially developed to battle the pandemic’s Wuhan variant, offered protections against the newly identified Omicron variant, too, while Pfizer-BioNTech had claimed to have developed a three-shot course for the new variant, eventually assisting travel stocks to recoup some of the their losses.

Nonetheless, in the day’s Wall Street had clung on to a gyration towards growth stocks, as investors’ optimisms appeared to be rising for riskier assets following encouraging updates on Omicron variant. Earlier in the day, Pfizer and BioNTech had said in a joint statement that their three-jab course had neutralized the Omicron variant in a laboratory test, however, the pharmaceutical giants also had been quoted saying that they could release an upgraded version before Q1, 2022.

Followed by encouraging remarks from the vaccine makers, S&P 1500’s airlines stocks jumped 1.96 per cent and closed out the session at a two-week high. However, communication alongside mega-cap tech stocks had pulled the triggers in the day’s Wall Street with optimisms soaring for growth stocks.

Wall St. ends higher as growth stocks lead the rally

Citing statistics, in the day’s Wall St. round off, trade-sensitive Dow closed 0.1 per cent higher to 35,754.75 and benchmark S&P 500 added 0.31 per cent to 4,701.21, while tech-heavy Nasdaq gained 0.64 per cent to 15,786.99.

Meanwhile, addressing to a sharp shoot-up in market participants’ morale, a portfolio manager at Kingsview Investment Management in Chicago, Paul Nolte said, “The session is a perfect risk-on kind of day. A lot is revolving around virus news. It's a reopening trade more than anything else”.