NEW YORK (Pakistan Point News / Sputnik - 22nd December, 2021) Wall Street rallied hard for the first time in a week, with buyers scooping up stocks cheapened by a series of selloffs triggered by fear about the coronavirus' resurgence�via the Omicron variant.
Adding to the positivity of US equity markets was President Joe Biden's assurance that he was trying to salvage his signature $1.75 trillion infrastructure bill that had been opposed by a key Democratic lawmaker. The significance of the bill was underscored by Goldman�Sachs' decision on Monday to slash US growth projections for 2022.
"Investors want to be optimistic leading up to the holidays and lawmakers on Capitol Hill will not want to be painted the villain, so all the rhetoric will likely be upbeat for the rest of the week," Ed Moya, equities analyst at online trading platform OANDA, said.
The Big Tech sector was the biggest winner of the day. The Nasdaq Composite Index, which groups major technology Names such as Facebook, Apple, Amazon, Netflix and Google, closed up 2.4% after dropping a net 4% over six previous sessions.
The S&P 500, which lists the top 500 US stocks, finished up 1.8% after dropping 3% since the close of December 10.
The Dow Jones Industrial Average, one of Wall Street's three key benchmarks that had taken the worst beating in the past six sessions, rose 1.6% after an 11% decline in the past six sessions.
Earlier on Tuesday, the Centers for Disease Control and Prevention (CDC) said the Omicron is now the dominant coronavirus variant in the United States, accounting for more than 73% of new cases as of last week.
