Markets Stay Up on Omicron News; Home Sales in Focus
Zacks Investment Research | Dec 22, 2021 05:30AM ET
Market indexes saw their second straight up-day as of Wednesday’s close, adding to the slight gains made at the end of the regular session Tuesday compared with the extended sell-off from last week which ended Monday. The Dow gained +261 points, or +0.74%, while the S&^P 500 came in +1.02%. The Nasdaq bested the field of major indexes on the day, +1.18%, while the small-cap Russell 2000 gained +0.86% in the session. Better Omicron news overseas is helping market participants stay buoyant; we’d seen a real uptick in risk before we knew much about the latest major Covid variant other than it was likely the most contagious strain of coronavirus of all. Today and yesterday, we’ve begun to see an influx of reports about Omicron blowing through populations rapidly but rather benignly: the South African rate of infection appears to have fallen off not four weeks from its initial discover in the country; in Europe, its Omicron wave is seeing far fewer hospitalizations compared with the Delta variant, which the continent is only now emerging from. Thus, we’re not being led down a nasty path toward a new shutdown in consumer activity, other than what’s already emerged over the past couple weeks. Novavax (NASDAQ:NVAX) Questions or comments about this article and/or its author? Click here>>
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