Omicron is making for a chaotic week on Wall Street, with the market rebounding strongly on Thursday from Wednesday's big selloff.
- The Dow rose 617 points, or 1.8%, to 34,639.
- The benchmark S&P 500 rose 64 points, or 1.4%, to 4,577.
- The tech-heavy Nasdaq rose 127 points, or 0.8%, to 15,381.
CNBC reports that Boeing's rise of 5% helped lead the surge. Airline, casino, and energy stocks also did well. Just don't expect the volatility to end soon. “While it is nice to see a rally, I am not sure investors should put much meaning into it,” says Jim Paulsen of Leuthold Group. “Fear and greed will dominate activity as investor worries oscillate between concerns the worst is not yet over and anxieties of missing out on any recovery.” The Wall Street Journal also collects a quote capturing the uncertainty: “You have a demand disruption story on one hand—omicron—and a monetary tightening issue with the Fed, so people are trying to figure out which way is up,” says Austin Graff of the TrueShares Low Volatility Equity Income ETF. (More stock market stories.)
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