Wall Street closes sharply higher, Omikron worries put aside for a while

Wall Street closes sharply higher, Omikron worries put aside for a while

Stock markets in New York closed on Monday with significant gains. Investors on Wall Street briefly suppressed concerns about the Omikron variant of the coronavirus and its impact on the global economy with reports that the symptoms of the variant would be mild. Last week, those concerns led to large price swings in the financial markets.

The Dow-Jones index ended 1.9 percent in the plus at 35,227.03 points. The broad-based S&P 500 rose 1.2 percent to 4591.67 points and the technology exchange Nasdaq climbed 0.9 percent to 15,225.15 points.

For example, the major American airlines American Airlines, United Airlines and Delta Air Lines gained up to 8.3 percent. Aircraft maker Boeing increased 3.7 percent and cruise companies Carnival, Royal Caribbean and Norwegian Cruise Line rose to 9.5 percent. Global hotel chains Marriott International, Hyatt and Hilton Worldwide advanced up to 4.5 percent in value.

The major oil companies ExxonMobil, ConocoPhillips and Chevron gained up to 2.4 percent. Oil prices have risen further after oil producer Saudi Arabia raised crude oil prices for January. The price hike shows that the country is confident in the outlook for oil demand despite Omikron’s advances. The price of a barrel of American oil rose 5.3 percent to $ 69.77 and Brent oil became 5 percent more expensive at $ 73.44 a barrel.

Department store chain Kohl’s was up 5.4 percent. Activist investor Engine Capital believes Kohl’s should sell itself or spin off its e-commerce business to boost its share price.

The producer of electric cars Lucid plunged just 5 percent into the red. The US stock market regulator SEC is investigating Lucid, reportedly about its IPO in July. Lucid was listed on the stock exchange through a merger with an empty stock shell. Industry peer Tesla would also be investigated by the SEC. It would be about problems with the solar panels that the company supplies. Tesla lost 0.6 percent.

The euro was worth 1.1281 dollars, almost the same as at the close of stock exchange trading in Europe.

Wall Street closes sharply higher, Omikron worries put aside for a while
Source link Wall Street closes sharply higher, Omikron worries put aside for a while

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