Stocks extended their rallies on Tuesday, as Covid-19 fears continued to subside and reopening stocks kept climbing. The Dow scored a nearly 500-point win while the S&P 500 and Nasdaq walked away with their second-straight day of gains, as investors bought back into tech and chipmakers rallied. Amid the burgeoning market optimism, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), shed 15% today.
The Dow Jones Average (DJI - 35,719.43) added 492.4 points or 1.4% for the day. American Express (AXP) paced the 24 gainers with a 3.9% win. Merck (MRK) led the six laggards with a 1.5% drop.
The S&P 500 Index (SPX - 4,686.75) rose 95.1 points, or 2.1% for the day. The Nasdaq Composite (IXIC - 15,686.92) jumped 461.8, or 3% for the day.
The CBOE Volatility Index (VIX - 22.09) fell 5.1 points or 18.7% for the day.
OIL SURGES TO NEARLY 2-WEEK HIGH ON EASING OMICRON FEARS
Oil prices settled higher on Tuesday, for their best close in nearly two weeks. Contributing to today’s pop were easing Covid-19 omicron fears, with investors now anticipating no significant impact to global economic growth, while also hoping for a robust holiday driving season. In turn, January-dated crude rose 3.7%, or $2.56, to close at $72.05 per barrel.
Gold prices finished higher as well, notching their highest settlement in more than a week. Investors are taking interest in the precious metal ahead of 2022 as a portfolio and currency hedge. As a result, February-dated gold added $5.20, or 0.4% to close at $1,784.70 per ounce.
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