The stock market skyrocketed on Tuesday, continuing a strong rebound from its troubled period last week as concerns about the Omicron variant continued to subside and investors turned to stocks related to the economic rebound.
The Dow Jones Industrial Average rose 1.4% to around 500 points, while the S&P 500 rose 2.1% and the Nasdaq Composite rose 3%.
Stocks added to Monday’s gains and continued to rebound from last week’s sell-off as market volatility increased following the advent of the new variant of Covid-Omicron.
Stocks of companies linked to the economic recovery – including airlines, cruises, casinos, and other travel-related stocks – continued to lead the stock market.
Investors now seem less terrified of the Omicron variant, as it has reportedly caused milder symptoms than feared. The country’s leading pandemic expert, Dr. Anthony Fauci said on Sunday that the first data are “encouraging”.
Though tech stocks have struggled over the past few weeks due to Covid-related sales, they saw a comeback rally on Tuesday, while stocks in chipmakers like Intel and Nvidia also saw big gains, rising around 3% and 8% respectively.
The stocks of big tech giants, including Microsoft, Alphabet, Amazon, and Apple, all rose around 2% or more.