Dow rebounds 1.8%... NY Stock Market Rises on Rebound Buying Inflow

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange showed a sharp rise, partially shaking off concerns over Omicron.

Southeast Asia's largest ride-sharing company Grab held a celebration on the 2nd as it was listed on the Nasdaq market.
[Image source=Reuters Yonhap News]

On the 2nd (local time), the Dow Jones Industrial Average rose 617.75 points (1.82%) to close at 34,639.79, the S&P 500 index increased by 64.06 points (1.42%) to 4,577.10, and the Nasdaq climbed 127.27 points (0.83%) to finish at 15,381.32.

The New York stock market continued its rollercoaster pattern since the 26th of last month. After the first Omicron variant case was reported in the U.S. the previous day, the Dow plunged 1,000 points intraday but managed a significant rebound on this day.

The news of a second Omicron variant infection did not hinder the market’s upward momentum.

U.S. Treasury yields fell intraday to 1.409%, but as weekly new unemployment claims came in better than expected, raising the possibility of interest rate hikes, yields rose to 1.44%.

Although the U.S. government tightened entry regulations, it decided not to require quarantine or additional testing, leading to a sharp rally in travel-related stocks.

Boeing surged 7% after the Chinese government gave a positive assessment of the 737 Max aircraft operations. Delta Air Lines rose 9%, and United Airlines increased by 7%.

Norwegian Cruise Line, Carnival, and other cruise operators also showed strong gains in the 7-9% range.

Financial stocks such as JPMorgan and Goldman Sachs rose by over 2%. Regional banks posted strong gains of 4-5%.

Apple closed slightly lower following reports that it had informed suppliers of reduced demand for the iPhone 13.

NVIDIA rose 2.2% despite news that the Federal Trade Commission (FTC) would file a lawsuit opposing its acquisition of ARM.

Tesla fell 0.95%, remaining in the 'Thousand Tesla' range for the second consecutive day.

With oil prices rising 1.8%, Occidental Petroleum and Baker Hughes increased by 2.4% and 2.5%, respectively.

Grab, Southeast Asia’s largest ride-sharing company, which officially listed on the Nasdaq through a SPAC merger on this day, suffered a humiliating 20.53% drop.