Wall Street closes sharply higher as Omikron worries ease

Wall Street closes sharply higher as Omikron worries ease

The stock exchanges in New York closed on Tuesday with significant gains. Investors are less concerned about the economic impact of the Omikron variant of the coronavirus with reports that the disease symptoms would be mild. The losses incurred on the stock markets after the discovery of Omikron have now almost been made up.

The Dow-Jones index ended 1.4 percent in the plus at 35,719.43 points. The broad-based S&P 500 rose 2.1 percent to 4686.75 points and the technology exchange Nasdaq climbed 3 percent to 15,686.92 points. Huge gains were also made on Monday.

Oil prices also rose sharply again because the consequences of the Omikron variant appear to be not too bad. The major oil companies ExxonMobil, ConocoPhillips and Chevron gained up to 2.4 percent. The price of a barrel of American oil rose 2.8 percent to $ 71.43 and Brent oil became 2.5 percent more expensive at $ 74.87 per barrel.

Tesla gained 4.2 percent after UBS raised its price target for the stock. According to the bank, the company will remain by far the most important manufacturer of electric cars next year. Morgan Stanley raised its price target for Apple, as did its outlook for the current quarter. The maker of the iPhone ended the day with a plus of 3.5 percent.

Intel was also one of the risers on Wall Street. The chip company wants to list its Mobileye division, which focuses on self-driving cars, next year. Intel bought Israeli Mobileye in 2017 for more than $15 billion. Mobileye is a specialist in software and sensors for self-driving cars and systems that make driving easier and safer. It is reported that Mobileye is aiming for a market valuation of $50 billion. Intel won 3.1 percent.

Bumble jumped nearly 10 percent, thanks to an advice raise from JPMorgan Chase. The bank is more positive about the growth prospects for the dating app.

The euro was worth $1.1266, against $1.1245 at the close of trading in Europe.

Wall Street closes sharply higher as Omikron worries ease
Source link Wall Street closes sharply higher as Omikron worries ease

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