U.S. stocks rose on Wednesday, rallying for a second day as the market continued to rebound from a three-day losing streak spurred by fears of omicron. The Dow gained 0.74%. The S&P 500 was up 1.02%. The Nasdaq rose 1.18%.
U.S. stocks rose on Wednesday, rallying for a second day as the market continued to rebound from a three-day losing streak spurred by fears about the Covid omicron variant.
Tesla shares jumped 7.4% after Elon Musk said in a podcast that he had reached his goal of selling 10% of his shares for tax reasons.for Pfizer's Covid pill, the first antiviral drug against the virus for at-home use. Pfizer shares gained about 1%. December, normally the calmest month for markets, has so far been the most volatile month of 2021, according to Bespoke Investment Group that looked at the S&P 500's average absolute daily change since 1953., spiked above 35 earlier this month and has traded around the 20 threshold.
All three of the major averages jumped on Tuesday in a relief rally following days of weakness on omicron fears. The Dow added 560 points, or 1.6%. The S&P 500 rose 1.8% and the Nasdaq Composite gained 2.4%. The S&P 500 snapped a three-day losing streak that saw the benchmark lose more than 3%, its worst loss during similar time periods since September. The Nasdaq tumbled nearly 4% in the three days through Monday, its worst such stretch since May.
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