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Sunday, June 26, 2022

Dow Rises 600 Points on Easing Omicron Fears



(Newser)

Fears about omicron have helped hammer the stock market of late. Now, hopes that the new COVID strain won’t be so bad appears to be doing the opposite, reports the Wall Street Journal. In early trading Monday, the Dow was up about 600 points, or 1.7%, while the benchmark S&P was up nearly 1%. The tech-heavy Nasdaq, meanwhile, was largely flat. Over the weekend, Dr. Anthony Fauci said the new variant didn’t appear to be causing severe cases—while cautioning that we’re still in early days—and a small study out of South Africa suggested the same.


“It seems like this is not going to lead to the worst-case scenario,” Fahad Kamal, chief investment officer at Kleinwort Hambros, tells the Journal. “I wonder if we’re being complacent, but the early indicators suggest we’re not.” On Monday, stocks linked to the reopening of the economy were faring particularly well, notes the AP. That includes travel companies such as Delta Air Lines (up 5.8%) and Expedia Group (up 4.8%). The AP story also cites Fauci’s comments as contributing to the market’s better mood on Monday. (Read more stock market stories.)

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