The Standard & Poor’s 500 index had been up 1.9% in the early going after some better-than-expected readings on the U.S. economy, but the gains gradually gave way to a 1.2% skid. The afternoon reversal is the latest dizzying move for Wall Street’s benchmark, which sank 2.3% on Friday for its worst loss since February, only to then rise 1.3% on Monday and then fall 1.9% on Tuesday.
As more countries detect cases of the Omicron variant, conferences and business gatherings are being canceled. U.S. travel hasn’t yet been curtailed. Smaller-company stocks fared worse than the broader market. The Russell 2000 index fell 51.49 points, or 2.3%, to 2,147.42. It had been up as much as 2.5% earlier.
A separate report from payroll processor ADP said that nongovernment employers hired more people in November than economists expected. That could raise expectations for Friday’s more comprehensive jobs report from the U.S. government, though the ADP report doesn’t have a perfect track record predicting it.
Travel stocks had some of the biggest swings Wednesday. Norwegian Cruise Line climbed 4.6% in morning trading but ended with an 8.8% loss. American Airlines flipped from a 3.1% gain to an 8% loss.
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