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US close: Stocks firmly higher as omicron fears fade

By Iain Gilbert

Date: Tuesday 07 Dec 2021

US close: Stocks firmly higher as omicron fears fade

(Sharecast News) - Wall Street stocks stormed ahead on Tuesday as major indices built upon the previous session's solid gains.
At the close, the Dow Jones Industrial Average was up 1.40% at 35,719.43, while the S&P 500 was 2.07% firmer at 4,686.75 and the Nasdaq Composite saw out the session 3.03% stronger at 15,686.92.

The Dow closed 492.40 points higher on Tuesday, extending gains recorded in the previous session as fears regarding the Covid-19 omicron variant subsided.

Market participants now appear to be of the opinion that the risk posed by the new Covid-19 strain may be less than initially feared after White House Chief Medical Advisor Dr Anthony Fauci said over the weekend that initial data was "encouraging". However, he also warned that more information was required before the variant and its effects could be fully understood.

On the macro front, the US trade balance narrowed to $67.1bn in October, slightly ahead of estimates of $66.9bn but sharply lower than the prior month's revised print of $81.4bn Exports rose 8.1% to $223.6bn and imports ticked up 0.9% to $290.7bn.

Elsewhere, the Federal Reserve revealed that consumer credit increased at a seasonally adjusted annual rate of 4.6%, with revolving credit up 7.8% and non-revolving credit 3.7% higher.

Investors also patiently awaited fresh inflation data scheduled for release on Friday, with the consumer price index, expected to be even hotter than the previous month, seen as potentially being the catalyst for the Federal Reserve Bank to tighten its policies sooner than expected.

In the corporate space, retailer AutoZone posted first-quarter earnings and sales that topped analysts' expectations as same-store sales increased 13.6% throughout the period, while restauranteur Dave & Buster's topped third-quarter earnings per share estimates but narrowly missed on revenues for the period.

Dow Jones - Risers

American Express Co. (AXP) $166.95 3.90%
Apple Inc. (AAPL) $171.18 3.54%
Salesforce.Com Inc. (CRM) $266.99 3.18%
Intel Corp. (INTC) $52.57 3.10%
Goldman Sachs Group Inc. (GS) $400.11 2.78%
Microsoft Corp. (MSFT) $334.92 2.68%
Visa Inc. (V) $207.44 2.31%
Cisco Systems Inc. (CSCO) $58.08 1.97%
Dow Chemical Co. (DOW) $54.86 1.82%
McDonald's Corp. (MCD) $260.04 1.61%

Dow Jones - Fallers

Merck & Co. Inc. (MRK) $72.28 -1.55%
Verizon Communications Inc. (VZ) $50.79 -0.55%
3M Co. (MMM) $176.55 -0.37%
Walmart Inc. (WMT) $138.55 -0.32%
Procter & Gamble Co. (PG) $151.80 -0.26%
Walgreens Boots Alliance, Inc. (WBA) $48.23 -0.14%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Home Depot Inc. (HD) $416.18 0.12%
Johnson & Johnson (JNJ) $163.42 0.26%

S&P 500 - Risers

Fortinet Inc. (FTNT) $317.24 8.63%
Nvidia Corp. (NVDA) $324.27 7.96%
AutoZone Inc. (AZO) $2,023.57 7.64%
Diamondback Energy Inc. (FANG) $115.59 6.80%
Devon Energy Corp. (DVN) $45.12 6.52%
Applied Materials Inc. (AMAT) $156.89 6.45%
Microchip Technology Inc. (MCHP) $88.89 5.88%
Lam Research Corp. (LRCX) $706.15 5.78%
Qorvo, Inc. (QRVO) $161.51 5.75%
Chipotle Mexican Grill Inc. (CMG) $1,711.74 5.44%

S&P 500 - Fallers

Comcast Corp. (CMCSA) $49.58 -5.29%
Charter Communications Inc. (CHTR) $650.60 -3.32%
Western Union Co. (WU) $17.33 -2.91%
McCormick & Co. (MKC) $87.84 -2.53%
Clorox Co. (CLX) $165.26 -2.06%
H&R Block Inc. (HRB) $23.64 -1.99%
Merck & Co. Inc. (MRK) $72.28 -1.55%
Hormel Foods Corp. (HRL) $42.43 -1.39%
Edison International (EIX) $67.26 -1.35%
United Airlines Holdings Inc (UAL) $43.41 -1.32%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $324.27 7.96%
Asml Holdings N.V. (ASML) $806.01 6.56%
Applied Materials Inc. (AMAT) $156.89 6.45%
Mercadolibre Inc. (MELI) $1,178.26 5.95%
Microchip Technology Inc. (MCHP) $88.89 5.88%
Lam Research Corp. (LRCX) $706.15 5.78%
Intuitive Surgical Inc. (ISRG) $340.49 5.16%
Illumina Inc. (ILMN) $369.43 5.06%
KLA-Tencor Corp. (KLAC) $419.15 4.91%
Xilinx Inc. (XLNX) $223.81 4.87%

Nasdaq 100 - Fallers

Comcast Corp. (CMCSA) $49.58 -5.29%
Charter Communications Inc. (CHTR) $650.60 -3.32%
Sirius XM Holdings Inc (SIRI) $6.20 -1.90%
Liberty Global plc Series A (LBTYA) $27.22 -1.63%
Liberty Global plc Series C (LBTYK) $27.35 -1.44%
Check Point Software Technologies Ltd. (CHKP) $110.87 -1.26%
Vodafone Group Plc ADS (VOD) $14.90 -0.86%
Dish Network Corp. (DISH) $32.13 -0.31%
American Airlines Group (AAL) $17.89 -0.22%
Walgreens Boots Alliance, Inc. (WBA) $48.23 -0.14%

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