Wall St climbs on positive economic data, Omicron update

Face mask traders are working on the trading floor of the New York Stock Exchange (NYSE) as a variant of the Omicron coronavirus continues to spread in Manhattan, New York City, USA on December 20, 2021. REUTERS / Andrew Kelly

December 22 (Reuters)-S & P 500 and Nasdaq rose on Wednesday due to a Tesla stock push, but more economic data than expected was added to show the impact of the coronavirus Omicron variant on economic recovery.

Consumer confidence in the United States improved more than expected in December, suggesting that the economy will continue to expand in 2022 despite the resurgence of COVID-19 infections and reduced fiscal stimulus.read more

The final reading of GDP data showed that economic growth slowed sharply in the third quarter amid a relapse of COVID-19 infection, but activity has since recovered, the highest this year since 1984. Is on track to record the performance of.read more

Wall Street’s major index has surged after falling three times in a row on Tuesday, but trading in the last two weeks of the year could boost volatility as there are few catalysts to move the market and trading volumes are low. I have. In 2021, the S & P 500 Index (.SPX) has risen by about 24%.

According to a South African study, people infected with Omicron are far less likely to be hospitalized than people infected with Delta, and the severity of the new variant has forced countries around the world to impose fresh curbs. Worries have been alleviated.read more

“The market has done a very effective job in all three major headwinds over the last two weeks of pricing. Discovering Omicron variants, hawkish pivots from the Fed, and buildback better. It was shelved for the time being. ” Art Hogan, Chief Market Strategist, National Securities, New York.

Earlier this week, US Democratic Senator Joe Manchin hit the financial markets by rejecting a $ 1.75 trillion domestic investment bill known as Buildback Better, signed by President Joe Biden.read more

All major S & P 500 sector indexes are evolving and consumer discretion (.SPLRCD) is leading higher rates.

Tesla Inc (TSLA.O) surged 7.5% and closed with a market value of $ 1 trillion. In an interview released Tuesday, Tesla CEO Elon Musk said he had sold “sufficient shares” to achieve his plans to sell 10% of the company’s shares.read more

ET 11:34 am, Dow Jones Industrial Average (.DJI) rose 183.03 points (0.52%) to 35,675.73, S & P 500 (.SPX) rose 35.08 points (0.75%) to 4,684.31, Nasdaq Composite The index (.IXIC) rose 136.41 points (0.89%) to 15,477.50.

According to a Bloomberg News report, the US Food and Drug Administration is set to approve COVID-19 treatments from both Pfizer and Merck (MRK.N) as early as Wednesday. Merck rose 1.1%.read more

Caterpillar Inc (CAT.N) rose 1.6% as securities firm Bernstein expects industrial equipment makers to be the biggest beneficiaries of China’s monetary easing policy.

On Wednesday, Biden convened a meeting with US officials and private companies, including FedEx Corp (FDX.N), to discuss ongoing efforts to address supply chain disruptions.read more

The ongoing problem outnumbered the decline by a 2.72: 1 ratio in NYSE and a 1.63: 1 ratio in Nasdaq.

The S & P index recorded nine new 52-week highs and no new lows, while Nasdaq recorded 26 new highs and 61 new lows.

Reported by Shreyashi Sanial, Anisa Sircar and Medha Singh in Bangalore. Edited by Uttaresh.V and Maju Samuel

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