Wednesday, January 19

Wall Street rose despite fear of Omicron: Will there be a Christmas rally?

A South African study suggested that there are fewer risks of hospitalization and serious illness in people infected with the Omicron variant than in individuals with the delta variantBut officials from the World Health Organization cautioned that it was too early to draw definitive conclusions.

“We continue to have difficulty orienting ourselves to the Omicron outbreak, but in recent days … more and more evidence is accumulating that the strain is potentially less severe than previous ones, specifically that delta, which is a good omen for economic boost in 2022 “said Mike Stritch, chief investment officer at BMO Wealth Management.

The S&P 500 gained 47.50 points, or 1.02%, to finish at 4,696.73 points, while the Nasdaq gained 180.81 points, or 1.18%, at 15,521.89. The Dow Jones Industrial Average rose 262.58 points, or 0.74%, to 35,755.28 points.

Shares of Tesla Inc rose, boosting the S&P 500 and the Nasdaq. Elon Musk, Tesla’s chief executive, said in an interview that he has already sold “enough shares.”

Meanwhile, US consumer confidence continued to improve in December, suggesting that the economy will continue to expand in 2022.

The Conference Board survey showed that more consumers were planning to buy a home or high-value items such as motor vehicles and large appliances, as well as go on vacation in the next six months.

A barrel of North Sea Brent for February delivery gained 1.77% to finish at $ 75.29 in London. Meanwhile in New York, a barrel of West Texas Intermediate (WTI) for the same delivery gained 2.30% to $ 72.76.

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