US Stocks Recover Bulk Of Omicron-Triggered Panic Selling
Muhammad Irfan Published November 30, 2021 | 02:50 AM
NEW YORK (UrduPoint News / Sputnik - 30th November, 2021) Wall Street's three major indexes rebounded strongly on Monday from last week's panic selling sparked by the disclosure about the new coronavirus strain - the Omicron.
"US stocks are rebounding as optimism grows that the Omicron variant is a cause for concern, but not a 'cause for panic' and could potentially be the catalyst needed to get more of the country vaccinated," Ed Moya, analyst at online trading platform OANDA, said on Monday. "Investors will learn over the next couple of weeks if the Omicron variant causes more severe disease than the other variants."
Nasdaq Composite, the pandemic-era go-to index that provides investors the assurance of steady revenues from stay-home stocks, led gains, closing up 291 points, or 1.9%, at 15,783. Nasdaq, which groups Big Tech Names such as Facebook, Amazon, Apple, Netflix and Google, fell 2.
2% on Friday for its sharpest one-day decline since September 28.
The Dow Jones Industrial Average settled up 237 points, or 0.7%, at 35,136. The Dow, a blue-chip index grouping mainly industrial stocks, fell 2.5% on Friday for its worst one-day since October 28, 2020.
The World Health Organization said on Monday the Omicron potentially carried a high risk of infection, casting a shadow over economic recovery from the near two-year long COVID-19 pandemic. But some experts said the strain might prove milder than initially feared.