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Tech stocks lead the markets higher for a second day, Nasdaq notches its best day since March

  

Stocks jumped for a second day, continuing their rebound from a recent rough patch, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.

The Dow Jones Industrial Average rose 492.40 points, or 1.4%, to 35,719.43. The S&P 500 added 2.07% to 4,686.75 and sat about 1% away from its all-time high.

The Nasdaq Composite led the market rally, jumping 3% to 15,686.92. It was the best day since March 1 for the S&P 500, and the best day since March 9 for the Nasdaq.

Tech stocks were in relief-rally mode as investors shook off Covid fears and bought the recent dip, pulling the Nasdaq higher. Okta rose 5.7%, while CrowdStrike added 4.9%. Adobe gained 4.4%.

Chipmakers were big winners too, with Intel leaping 3.1% following news that it’s planning to take its self-driving car unit, Mobileye, public in mid-2022. Marvell gained more than 7%, and Nvidia climbed 7.9%. Micron added 4.1%.

Apple shares rose 3.5% as well after a call from Morgan Stanley, which maintained its overweight rating on the stock but heightened its price target on it to $200, citing the company’s commitment to developing augmented and virtual reality technology.

 

 

 

European markets close sharply higher as omicron fears recede; Stoxx 600 up 2.5%

European stocks closed sharply higher on Tuesday as investors reacted to new developments relating to the omicron Covid variant.

The pan-European Stoxx 600 ended the day up 2.5%, with tech stocks rallying 5.6% to lead gains as all sectors and major bourses traded firmly in positive territory.

 

The strong session for European stocks comes after the region moved higher on Monday and global markets rallied, with concerns about the potential severity of the omicron variant easing.

White House Chief Medical Advisor Dr. Anthony Fauci said on Sunday that the initial data regarding the variant was “encouraging,” though he cautioned that more information was needed to fully understand it.

Reference: CNBC