On Tuesday, Wall Street stocks are off to a solid start, with investors anticipating that the new COVID-19 virus strain would not pose a big threat to the economy. In the opening few minutes of trade, the S&P 500 climbed 1.4 percent, adding to the previous day’s gains.
The Nasdaq, which is strongly weighted toward technology, increased by 2%, but small-company stocks also increased. For example, utilities lagged behind the rest of the market. Treasury rates have risen, while crude oil prices have risen by over 3%. European markets were also up overnight, while Asian markets ended the day higher.
On Tuesday, global stock markets surged with Wall Street, as fears over the coronavirus’s newest strain faded and China released stronger-than-expected November trade figures.
The stock markets in London and Frankfurt began the day higher. Shanghai, Tokyo, and Hong Kong have all made significant progress. Oil prices jumped by more than $1 a barrel for the second day in a row. As a consequence, travel and business restrictions may be relaxed.
According to IG’s Yeap Jun Rong, reports from South Africa, where omicron was first detected, indicating that hospitals had not been flooded “is generating some optimism” among traders who sold earlier.
The FTSE 100 in London jumped 1% to 7,302.61, while the DAX in Frankfurt rose 1.6 percent to 15,623.97 in early trading. The CAC 40 index in Paris increased 1.7 percent to 6,982.63.
The S&P 500 Futures Were Up 1%, While the Dow Jones Industrial Average Futures Were Up 0.8 Percent on Wall Street
On Monday, the S&P 500 rose 1.2 percent, while the Dow gained 1.9 percent. The Nasdaq Composite Index increased by just 0.1 percent.
In Asia, the Shanghai Composite Index rose 0.2 percent to 3,595.09 after November imports rose 31.7 percent year over year, suggesting that domestic demand is increasing.
Tokyo’s Nikkei 225 index rose 1.9 percent to 28,455.60, while Hong Kong’s Hang Seng index rose 2.6 percent to 23,983.66.
The Kospi in Seoul increased by 0.6 percent to 2,991.72, while the S&P-ASX 200 in Sydney increased by 1% to 7,313.90.
In India, the Sensex climbed by 2% to 57,871.21. New Zealand and Southeast Asia’s markets expanded.
On Wall Street, technology and financial stocks accounted for more than 85% of the S&P 500’s gains on Monday.