Dow, S&P close at record highs as investors shrug off Omicron woes
by SOURAV D | VIEW 1399
On Wednesday, all three key indices of Wall St. had eked out large gains with trade-sensitive Dow alongside Wall Street bellwether S&P 500 winding down the session at record closing highs, mostly driven by a boost from blue-whale retailers like of Walgreens and Nike, as US holiday sales between November 1 and December 24 had surged 8.5 per cent on a year-on-year basis, ramping up investors’ bet over a robust year-end following a relatively dour third-quarter.
In point of fact, in the day’s large-scale gains in Wall Street were almost entirely catalysed by an ease in Investors concern over Omicron's fiscal fallouts, as recent studies had revealed that people infected with the newly identified pandemic variant, would less likely to require hospitalization even in an elderly demographic.
Including Wednesday’s gains, Dow extended its winning streak into a sixth straight day, marking off the index’s longest run of gains since a seven-day winning streak registered between March 5 and March 15. In tandem, Walgreens Boots Alliance along Nike Inc led the tally of gains with Walgreen and Nike propelling 1.29 per cent and 1.36 per cent higher.
Nonetheless, as airlines had cancelled thousands of flights during this year’s busy Christmas season, S&P 1500’s airlines index continued to tumble and lost 0.83 per cent in the day’s Wall Street wind down, while eight of eleven S&P 500 sub-indexes advanced with communication sectors taking the heftiest header, falling as much as 0.62 per cent.
Wall St. gains as pandemic angsts ease
Citing statistics, in the day’s Wall St. wind-down, trade-sensitive Dow leapt 1.60 per cent to 35,492.70 and Wall Street bellwether S&P 500 jumped 1.78 per cent to 4,649.23, while tech-heavy Nasdaq closed flatlined at 15,766.22 after hovering at a positive territory in most part of the day.
Meanwhile, addressing to encouraging developments on Omicron, founder and Chief Executive of Infrastructure Capital Management in New York, Jay Hatfield said, “The market started to recognize that the Omicron variant was in a strange way good news, because it will burn itself out more rapidly because it’s easily transmissible, but it’s less likely to overwhelm hospitals”.