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Wall Street closes higher with Nasdaq boosted by tech rally

Stock Markets Dec 07, 2021 07:11PM ET
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© Reuters. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly
 
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By Devik Jain, Shreyashi Sanyal and Sinéad Carew

(Reuters) -Wall Street's main indexes finished Tuesday's session with strong gains as investors shook off some anxiety about the latest coronavirus variant and investors boosted Nasdaq by piling into technology stocks.

Intel (NASDAQ:INTC)'s announcement of plans to take its self-driving car unit Mobileye (F:0ME) public in the United States next year pushed his shares to a 3% gain and cheered chip investors across the board.

The Philadelphia SE Semiconductor index closed up 4.97% after hitting a near one-month low on Tuesday.

Investors were also reassured by positive news about the Omicron variant of COVID-19, which had helped send them fleeing from risky bets last week.

Before market open, British drugmaker GSK said an antibody-based COVID-19 therapy it is developing with Vir Biotechnology (NASDAQ:VIR) was effective against all mutations of the Omicron variant.

That news added to the relief rally along with infectious disease official Anthony Fauci's comment on Tuesday that preliminary evidence indicates while Omicron likely has a higher degree of transmissibility, it appears to be less severe. Fauci had made similar comments on Sunday.

"A week ago we saw a big scare because of Omicron and over the following week it appeared to be very contagious but less severe than people were worried about," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, said the Glaxosmithkline (LON:GSK) headline was already "instrumental to people's sentiment."

He also cited the Intel news and investor bets that the market would see its traditional December boost, known as the Santa Claus rally.

"There's certainly fears of missing out on the Santa Claus rally," said James. "It's a bigger picture risk-on mentality that's taking hold today."

The Dow Jones Industrial Average rose 492.4 points, or 1.4%, to 35,719.43, the S&P 500 gained 95.08 points, or 2.07%, to 4,686.75 and the Nasdaq Composite added 461.76 points, or 3.03%, to 15,686.92.

The CBOE volatility index, often referred to the Wall Street fear gauge, eased from a more than 10-month high last week. It ended the day down 19.5 points at 21.89, its lowest close since Oct. 6.

All of the 11 major S&P sectors advanced, with information technology sector closing up 3.5% for its biggest one-day percentage gain since March 9, with consumer discretionary following suit with a 2.4% gain.

The S&P 1500 Hotels, Restaurant and Leisure closed up 1.4%. After rallying for much of the day, the S&P 1500 Airlines closed down 0.6%. The airline index had gained 5% on Monday.

In the semiconductor industry, other big gainers besides Intel were Nvidia (NASDAQ:NVDA), which added 7.96%, while NXP (NASDAQ:NXPI) Semiconductor and Applied Materials (NASDAQ:AMAT) both advanced 6.5%.

Vir Biotechnology closed up 11.9%.

Merck & Co fell 1.6% as Guggenheim downgraded the stock to "neutral" from "buy" after the drugmaker paused enrollment in two late-stage clinical trials testing its experimental drug for treatment and prevention of HIV-1.

Advancing issues outnumbered declining ones on the NYSE by a 4.10-to-1 ratio; on Nasdaq, a 3.37-to-1 ratio favored advancers.

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 52 new highs and 48 new lows.

On U.S. exchanges, 11.38 billion shares changed hands compared with the 11.55 billion average for the last 20 sessions.

Wall Street closes higher with Nasdaq boosted by tech rally
 

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Comments (23)
Dale Wyffels
Dale Wyffels Dec 08, 2021 2:25AM ET
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who supports this ***
Etf Daytrade
Etf Daytrade Dec 07, 2021 8:48PM ET
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Yes, it’s a crazy market: bad news bubble and good news bubble also. And the press news are so stupid and manipulated that confuses us always.
Dave Jones
Dave Jones Dec 07, 2021 4:55PM ET
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beaten down WTAF
Paul Richard
Paul Richard Dec 07, 2021 2:18PM ET
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loving this, going to be a Merry Christmas!
Rob Chan
Rob Chan Dec 07, 2021 2:01PM ET
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Didn't I tell you that it was manipulated based on worthless news so big investors make huge money...
Stan Smith
Stan Smith Dec 07, 2021 2:01PM ET
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Yep any positive news is just a cover for Fed pumps, that's why you never hear anything about small/medium sized businesses (i.e. the backbone of the GDP) that are disappearing at an unprecedented rate.
Lubosi Maboshe
Lubosi Maboshe Dec 07, 2021 1:53PM ET
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Honestly i didnt thinkbthe NASDAQ waa going to bounce back up. Imagine the companies that had to recieve loans to stay afloat.Inflation is real and that's what these banks are doing they boosted NASDAQ
AI Wu
AI Wu Dec 07, 2021 1:12PM ET
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market does not rally or sell off based on a news. technical conditions come first. the narrative comes after that to justify the move. study a positioning in the option market. that would give you an idea what direction the market likely to go to make sure the majority of the options get expire worthless.
Buy And Sell
Buy And Sell Dec 07, 2021 1:00PM ET
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Heavy shifts in stock values is a very bad sign for the future of wall street.
Dave Jones
Dave Jones Dec 07, 2021 12:48PM ET
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Nasdaq rises because....?
AI Wu
AI Wu Dec 07, 2021 12:48PM ET
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money are made by trapping the other side. a recent weakness has attracted a lot of shorts.
Ezel Mete
Ezel Mete Dec 07, 2021 12:41PM ET
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it's funny how investors shake off these worries right as the Nasdaq hits a resistance level
 
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