Wall Street's main indexes rallied strongly on Tuesday, with the Nasdaq surging 3% as investors piled onto beaten-down quality technology stocks, while Intel jumped after plans to take its self-driving car unit public.
The Nasdaq has climbed nearly 4% so far this week, more than recovering all its losses suffered last week when the Federal Reserve's hawkish comments about speedier taper spurred bets about an early interest rate hike next year to curb surging inflation.
"The markets understand that a zero interest rate environment is not going to last forever, that the Fed is going to use a measured approach to raising rates and not just some dramatic balance upwards," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "This is a reflection of what is driving the market. Things that were on sale are being bought, especially those higher multiple stocks."
Optimistic comments from a top U.S. official about the nature of the Omicron variant and positive data on a COVID-19 drug's efficacy against the latest variant also boosted investors' sentiment.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Wall Street opens higher on banks, energy boostWall Street's main indexes opened higher on Monday after declining sharply last week on Omicron and taper fears, with investors favoring banks, energy and economy-linked stocks against technology and growth-heavy shares.
Les mer »
Hong Kong warns Wall Street Journal of legal action over election editorialHong Kong has warned the Wall Street Journal that it may have broken electoral law by 'scaremongering' in a recent editorial about the upcoming vote for the city's legislative council.
Les mer »
Dow leads Wall Street higher with 2% gain; cyclicals in vanguardThe Dow led Wall Street shares higher on Monday, as economy-linked banks and energy stocks charged back and fear about the Omicron variant eased, even as investors braced for another roller-coaster ride like last week's.
Les mer »
The latest sign of President Biden's inflation politics problem comes from Main StreetSmall business owners are more worried about inflation and President Biden's approval rating is dropping among entrepreneurs, and not just the Republicans.
Les mer »
Street Style x Off-White, in Memory of Virgil AblohSee how Vogue’s global street stylers have paid tribute to Virgil Abloh’s designs over the years.
Les mer »