• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Dow jumps 350 points on first day of December, trimming recent losses caused by omicron variant

by
December 1, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

AAR: January Rail Carloads Increased and Intermodal Decreased Year-over-year

Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security – should I pay off my mortgage before I retire?

Jury find Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

U.S. stocks rose on Wednesday, the first trading day of December, as certain companies that benefit from the economic reopening reversed some of their recent losses.

The Dow Jones Industrial Average rose 360 points, or 1%, while the Nasdaq Composite and S&P 500 rose 1.4% and 1.1%, respectively. The Dow was up more than 500 points at session highs.

The gains follow a Tuesday sell-off on Wall Street over fears about the new omicron Covid variant and the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.

Treasury yields also moved notably higher, with the benchmark 10-year Treasury note climbing back toward 1.5% after falling 8 basis points Tuesday to 1.45% on fears that the pandemic would stifle economic growth.

Energy shares posted sharp gains, with Occidental Petroleum and Baker Hughes each rising more than 3% as West Texas Intermediate prices climbed about 4% to nearly $69 a barrel.

Retail and apparel stocks were strong in early trading, with Gap and Ralph Lauren adding more than 3% and PVH gaining nearly 4%. Bank stocks also rose. JPMorgan and Wells Fargo gained 2% apiece and Goldman Sachs added 1.5%.

The moves came a day after the Dow lost more than 650 points, the S&P 500 shed 1.9% and the tech-focused Nasdaq Composite dipped 1.6%. The small-cap benchmark Russell 2000 tumbled 1.9% as cyclical names dragged on the markets.

“Our sense is that the recent selloff is a longer-term buying opportunity. However, investors that want to avoid a potential big drawdown (while giving up some potential upside) may want to wait until the [Fed’s] Dec. 15 meeting,” Wolfe Research strategist Chris Senyek said in a note to clients.

Fed Chairman Jerome Powell jolted markets on Tuesday after he said the central bank is expected to discuss speeding up the taper of its minimum $120 billion a month bond-buying program. Despite the potential disruption of omicron, the Fed chief said he thinks reducing the pace of monthly bond buys can move quicker than the $15 billion-a-month schedule announced earlier this month.

“I think that the taper need not be a disruptive event in markets. I don’t expect that it will be. It hasn’t been so far. We’ve telegraphed it,” Powell said during Congressional testimony on Wednesday.

Goldman Sachs said it projects the Fed will double the pace to $30 billion a month and enact its first rate hike of the pandemic era in June.

Stocks took a leg higher on Wednesday morning after the November manufacturing report from ISM, which matched expectations and showed a decline in prices paid.

The major averages have seen several volatile sessions, starting last Friday when the Dow Jones Industrial Average experienced its worst day since October 2020 on concerns about the new Covid variant that was first detected in South Africa. Stocks rebounded on Monday, only to turn downward again on Tuesday.

Stocks wrapped up a volatile month of trading on Tuesday. The Dow lost 3.7% for its second month of losses in three. The S&P 500 fell 0.8%, while the Nasdaq Composite gained 0.25% in November. The Russell 2000 shed 4.3% in November, its worst month since March 2020.

Still, the major averages are up solidly for the year. The Dow is up 12.7% and the S&P 500 is up 21.6% in 2021. The Nasdaq Composite is up an impressive 20.6% this year.

ADP’s private payroll data for November showed 534,000 jobs added that month, above expectations of 506,000.

Elsewhere, November’s IHS Markit manufacturing PMI came in at 58.3, lower than expected. October construction spending also rose slower than expected, but there was a positive historical revision to help offset the miss.

Next Post

Fed's Beige Book: "Economic activity grew at a modest to moderate pace"

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

AAR: January Rail Carloads Increased and Intermodal Decreased Year-over-year

by
February 4, 2023
0

by Calculated Risk on 2/03/2023 04:17:00 PM From the Association of American Railroads (AAR) Rail Time Indicators. Graphs and excerpts...

Read more

AAR: January Rail Carloads Increased and Intermodal Decreased Year-over-year

Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security – should I pay off my mortgage before I retire?

Jury find Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

Elon Musk Found Not Liable in Trial Over Tweets Proposing to Take Tesla Private

Tech stocks just finished a five-week rally — the longest stretch since market peak in November 2021

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews