US mid-day: Dow is up after Tuesday’s big fall
By Joseph Toppe
17:34, 1 December 2021
The major US gauges are trading in the green on the first day of December as traders shrug off fears of the Omicron variant.
Halfway through the session on Wednesday, the Dow Jones Industrial Average was up 406 points, or 1.2%, while the Nasdaq Composite jumped 1.6% and the S&P 500 followed closely with a 1.5% pop.
The Dow was up more than 500 points at session high.
Following yesterday’s trading, the Dow Jones Industrial Average fell 652.22 points to 34,483.72, the S&P 500 lost 1.9% to 4,567.00, while the Nasdaq Composite sank nearly 1.6% to 15,537.69.
Winners and losers: Moderna continues fall
Following a recent hike in stock prices, shares for Moderna are continuing their fall from yesterday’s session, slipping 8.5%.
In retail and apparel stocks, shares for the Gap and Ralph Lauren are both better than 3%, while shares for PVH are closing in on a 4% gain.
Shares of GlobalFoundries are down 2.48% after rising in earlier trading. The semi-conductor fabricator recently reported a 56% spike in third-quarter revenue.
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Oil: Crude spikes higher
Oil prices are up again on Wednesday, following yesterday’s 5% drop off.
West Texas Intermediate crude for January delivery went up $2.47, or 3.7%, to $68.65 a barrel. On Tuesday, the contract slumped 5.4% on the New York Mercantile.
February Brent crude, the global benchmark, increased $2.70, or 3.9%, to $71.93 a barrel on ICE Futures Europe, following a loss of nearly 5.5% Tuesday.
Shares of Occidental Petroleum and Baker Hughes are both 3% higher.
Gold: Gold up, silver down
Gold futures are better on Wednesday, following losses in the previous session.
The most active February gold contract was trading $15, or 0.8%, higher at $1,791.50 an ounce, following a 0.5% dip yesterday.
In other metals, silver futures extended their declines from Tuesday, as the March silver contract is 10 cents lower, or 0.4%, to $22.715 an ounce.
Forex: US dollar stronger than Yen
On Wednesday, one US dollar equals 1.28 of the Canadian dollar, 112.85 of the Japanese yen, 0.88 of the euro, and 0.75 of the pound sterling.
The ICE US Dollar Index, a measure of the currency against a half-dozen other monetary units, was down 0.2% at 95.853, while the 10-year Treasury note yields are up around 1.48%, from 1.440% on Tuesday at 3 pm EDT (UTC-5).
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