US Mid-day: Wall Street rallies after Wednesday’s sell-off
By Joseph Toppe
17:11, 2 December 2021
US shares are up on Thursday following yesterday’s drop and the first recorded American case of the Covid-19 variant Omicron.
Halfway through the session, the Dow Jones Industrial Average was up around 620 points, the S&P 500 was more than 1.2% higher, the Nasdaq Composite jumped 0.5% and the small-cap benchmark Russell 2000 improved 1.5%.
At the close of Wednesday trading, the Dow Jones Industrial Average dropped 461.68 points to 34,022.04, after being up more than 520 points at the high of the day.
The S&P 500 lost nearly 1.2% to end at 4,513.04 and the Nasdaq Composite dropped 1.8% to 15,254.05 after rising as much as 1.8% earlier in the session.
Winners and losers: Travel stock bounces amid Omicron fears
Shares for Boeing are up 5% following China’s decision to return the 737 MAX to service, helping the Dow to its session gains, while shares for rival Lockheed Martin are up 1.36%.
Stocks related to travel are recovering from Wednesday’s Omicron scare as shares for Delta Airlines are up 4%, shares for Hilton Worldwide are 3.9% higher and shares for Norwegian Cruise Lines went up 5%.
In tech stocks, shares of Apple are off by 2% following reports there is low demand for the iPhone this holiday season.
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Oil: Crude prices pop on OPEC decision
Crude-oil futures traded higher on Thursday after OPEC’s decision to rollover their current policy and raise monthly overall production by 400,000 barrels per day in January.
West Texas Intermediate crude for January delivery was up $1.15, or 1.8%, at $66.72 a barrel on the New York Mercantile Exchange after trading as low as $62.43.
February Brent crude, the global benchmark, jumped 97 cents, or 1.4%, at $69.84 a barrel on ICE Futures Europe, following a 0.5% decline yesterday and a 5.5% tumble on Tuesday.
Gold: Up and down week continues
After finishing higher yesterday, gold futures for February delivery were down 0.9% on Thursday to trade at $1,768.30 an ounce.
Crypto: Monero flip-flops from Wednesday
While most digital assets wobbled yesterday, Monero remained in decline until today, going up 3.95%, while Bitcoin is down 0.73%, Ethereum is 1.58% lower and Litecoin is down 0.95%
Forex: Yields fall for third straight day
On Thursday, one US dollar equals 74.93 of the Indian Rupee, 13.68 of the Turkish lira, 0.88 of the Euro, and 1.28 of the Canadian dollar.
The yield on the benchmark 10-year Treasury note edged down to 1.444%, declining for a third day.
Read more: Pfizer stock forecast: can the momentum continue in 2022?
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