Wall St. posts strong gains as Nike, Micron boost offset Omicron slide
by SOURAV D | VIEW 1433
On Tuesday, all three key indices of Wall St. gained across the board with tech stocks pulling the strings in the day’s US capital market, while an upsurge in Nike followed by a robust quarterly earnings’ report alongside a sharp uptick in Micron shares following remarks that the chipmaker was witnessing an ease in a global-scale chip shortage, helped Nasdaq close nearly 2.5 per cent higher. On top of that, investors seemed to be buying the dip in the day’s Wall Street following two straight sessions of hefty losses, nonetheless, gains were capped by concerns over a fast-spreading Omicron variant with new Omicron cases in the United States surging as much as 50 per cent this month thus far. Aside from gains in mega-cap tech conglomerates like of Microsoft Corp and Amazon.com Inc., economically sensitive stocks such as energy alongside shares exposed to travel and entertainment had clawed back sharply.
scores broad-based gains with Nasdaq leading
Citing statistics, in the day’s Wall St. wind-down, trade-sensitive Dow gained 1.59 per cent to 35,488.68 and benchmark S&P 500 jumped 1.78 per cent to 4,649.11, while tech-heavy Nasdaq was propelled as much as 2.40 per cent higher to wrap up the session at 15,341.19.
Meanwhile, addressing to a gyration in investors’ appetite towards riskier assets following two sessions of pullback, a Chief market analyst at Ameriprise Financial in Boston, David Joy said, “It is clearly a risk-on day.
This is clearly, at least for the day, investors saying, 'You know what, we are going to be able to ride through this Omicron surge and come out the other side in pretty good shape”.