The S&P 500 index rose 2.07% on Tue, its best day in nine months. Retreating
fears about the omicron strain of the coronavirus brought dip buyers into the
market. The Dow Jones Industrial Average gained 492.40 pts, or 1.4%, to close
at 35,719.43. The tech-heavy Nasdaq Composite led the market rally, jumping
3.0% to 15,686.92.
Chipmaker Marvell leaped (MRVL US, +7.1%) to an all-time high. Rival NVidia
(NVDA US) climbed 7.9%. Tesla (TSLA US) shares gained 4.2% despite news
that the company had to replace cameras in three of its models.
Amazon (AMZN US, +2.8%) and its cloud services division suffered widespread
outages, hitting clients including Coinbase (COIN US, +8.81%), Robinhood
(HOOD US, +3.79%) and Netflix (NFLX US, +2.10%).
GlaxoSmithKline (GSK LN, +1.35%) said its antibody treatment is effective
against the full combination of mutations in omicron.
The US-listed shares of Chinese tech stock Pinduoduo (PDD US) surged
The 10-year Treasury note yield notched up 3.91 basis points (bps) to 1.4733%.
The most actively traded US gold futures (Feb) contract settled up $5.20, or
0.3%, at US$1,784.70/oz. March silver, which is the most actively traded silver
futures, rose 26 cents, or 0.9%, to end at US$22.523/oz.
The ICE dollar index (DXY), which measures the strength of the greenback
against a basket of currencies, rose 0.04% to 96.369.
Oil extended gains. The front-month Brent and WTI futures closed up $2.36 at
US$75.44/bbl and $2.56 at US$72.05/bbl respectively.
European equity markets finished higher on Tue. The UK FTSE gained 1.49%,
France's CAC 40 rose 2.91%, while the German DAX advanced 2.82%.
The Porsche and Piech family is examining a partial sale of their stake in
Volkswagen (VOW GR, +4.43%) to fund a possible Porsche IPO, according to a