Friday, January 28

Wall Street rose as much as 2.4% after Monday’s sharp drop

The rapidly spreading variant of the Omicron coronavirus shook stock markets around the world, causing major declines in the final month of the year due to concerns about the strain’s impact on the global economic recovery.

Nike Inc rose 6.2%, leading earnings among Dow Jones constituents. The company beat quarterly earnings and earnings estimates and was confident that supply chain problems will subside in its next fiscal year.

Micron Technology Inc. led the advance among chipmakers, with a jump of 10.5%, after forecasting optimistic second-quarter earnings and beating Wall Street expectations.

The positive updates helped allay some concerns about supply chain constraints in an environment of high inflation, which has become a concern for the world’s central banks.

Megacap growth companies such as Tesla Inc, Microsoft Corp, Apple Inc, Inc, and Alphabet Inc, rose 1.2% to 4.3% after taking a beating on Monday.