Wall Street mints strong gains on rosy economic data, encouraging Omicron update | Malay Mail

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NEW YORK, Dec 23 — Wall Street’s main indexes powered higher on Wednesday in a broad rally after upbeat economic data and hopeful developments about the severity of the Omicron coronavirus variant that is sweeping the world. The S&P 500 gained at least 1 per cent for a second straight...

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NEW YORK, Dec 23 — Wall Street’s main indexes powered higher on Wednesday in a broad rally after upbeat economic data and hopeful developments about the severity of the Omicron coronavirus variant that is sweeping the world.

“We are still struggling for direction in the face of the Omicron outbreak, but in the past few days ... more and more evidence is building that the strain is potentially less severe than prior strains, specifically Delta, which bodes well for economic momentum in 2022,” said Mike Stritch, chief investment officer at BMO Wealth Management.

Tesla Inc shares rose 7.5 per cent, boosting the S&P 500 and Nasdaq. Tesla Chief Executive Elon Musk said in an interview he has sold “enough stock” following several weeks of share sales by the billionaire. In another encouraging development against the pandemic, the United States authorised Pfizer Inc’s oral antiviral Covid-19 pill for at-risk people aged 12 and above, making it the first at-home treatment for the coronavirus. Pfizer shares rose 1 per cent.

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