NEW YORK, Dec 7 — Wall Street’s major averages closed higher on Monday with economically sensitive sectors and travel-related stocks soaring as investors were encouraged by some optimistic comments from a top US official on the latest Covid-19 variant.
Lip also cited a boost from news that China’s central bank would cut the amount of cash that banks must hold in reserve, potentially boosting overseas companies that sell products in China as well as China’s economy. Still, Goldman Sachs on Saturday cut its outlook for US economic growth to 3.8 per cent for 2022, citing risks and uncertainty around the emergence of Omicron. Investors had also been bracing for a potential hit to corporate earnings, particularly among retailers, restaurants and travel companies.
Nvidia was also falling. Investors have been worried about regulatory scrutiny of its deal to buy British chip firm ARM Ltd.
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