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US close: Dow surges more than 600 points in Thursday rebound

By Josh White

Date: Thursday 02 Dec 2021

US close: Dow surges more than 600 points in Thursday rebound

(Sharecast News) - Wall Street finished well into positive territory on Thursday, with the Dow turning in its best rise in a year in terms of points, after the first case of the 'Omicron' variant of Covid-19 fuelled another sell-off in the previous session.
At the close, the Dow Jones Industrial Average was up 1.82% at 34,639.79, as the S&P 500 added 1.42% to 4,577.10 and the Nasdaq Composite was ahead 0.83% at 15,381.32.

The Dow closed 617.75 points higher on Thursday, more-than-reversing the losses recorded in the previous session after the White House tightened travel restrictions in the wake of the variant's arrival in California.

"Traders despise uncertainty and typically their reaction is to fear for the worst, so it's possible the declines seen on Wall Street yesterday were overdone," said Equiti Capital market analyst David Madden.

He noted that Treasury Secretary Janet Yellen cautioned earlier that the strain of the virus could cause "significant problems" for the economy.

"Higher wages are a factor behind rising inflation and Ms Yellen said the markets need to be realistic about what the government can do with respect to reducing inflation - which sounds like a warning that prices are likely to remain elevated for a while.

"The Biden administration and the Federal Reserve might not be too happy with the inflation rate, but their policies have greatly assisted the labour market."

In response to the country's first confirmed omicron case, the Biden administration said it would now require inbound passengers to the US to be tested within 24 hours before departure.

It also requested businesses proceed with vaccination requirements.

On the macro front, data from Challenger Gray & Christmas revealed job cuts fell to 14,875 in November, down 77% year-on-year to the report's lowest number since 1993.

Elsewhere, US jobless claims rebounded a little following a steep drop during the previous week that saw them fall to a level not seen since November 1969.

According to the Department of Labor, in seasonally adjusted terms, the number of people filing for initial unemployment claims rose by 28,000 over the week ended 27 November to 222,000.

Economists had pencilled in an increase to reach 240,000, with the figures in particular focus ahead of Friday's non-farm payrolls report.

In equities, discount retailer Dollar General was down 3.13% after beating expectations on third-quarter earnings with revenues sating forecasts, although it did narrow its full-year sales guidance.

Consumer technology behemoth Apple slipped 0.61% amid speculation that Omicron could slow shipments of new iPhones.

On the upside, America's largest grocer Kroger jumped 11.04% after it lifted its full-year forecasts despite supply chain woes and inflation worries.

Chesapeake Energy finished 6.81% higher after it took the wraps off plans to repurchase up to $1bn worth of stock and warrants over the next two years.

Dow Jones - Risers

Boeing Co. (BA) $202.38 7.54%
American Express Co. (AXP) $156.77 4.47%
Visa Inc. (V) $198.29 4.28%
Salesforce.Com Inc. (CRM) $261.20 3.86%
Walt Disney Co. (DIS) $147.20 3.55%
Travelers Company Inc. (TRV) $150.16 3.22%
Goldman Sachs Group Inc. (GS) $387.31 2.94%
Caterpillar Inc. (CAT) $196.88 2.78%
Chevron Corp. (CVX) $115.13 2.71%
JP Morgan Chase & Co. (JPM) $161.21 2.10%

Dow Jones - Fallers

Walmart Inc. (WMT) $135.47 -1.22%
Merck & Co. Inc. (MRK) $73.89 -0.74%
Johnson & Johnson (JNJ) $157.09 -0.63%
Apple Inc. (AAPL) $163.76 -0.61%
3M Co. (MMM) $170.26 -0.28%
Microsoft Corp. (MSFT) $329.49 -0.18%
International Business Machines Corporation (CDI) (IBM) $116.90 -0.02%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Amgen Inc. (AMGN) $201.17 0.18%

S&P 500 - Risers

Kroger Co. (KR) $44.65 11.04%
Delta Airlines Inc. (DAL) $36.64 9.28%
Carnival Corp. (CCL) $17.89 9.22%
Wynn Resorts Ltd. (WYNN) $82.29 8.19%
Norwegian Cruise Line Holdings Ltd (NCLH) $19.16 7.70%
MGM Resorts International (MGM) $41.23 7.65%
Boeing Co. (BA) $202.38 7.54%
Hilton Inc (HLT) $139.71 7.41%
Royal Caribbean Cr (RCL) $68.88 7.17%
American Airlines Group (AAL) $17.42 7.00%

S&P 500 - Fallers

Lam Research Corp. (LRCX) $661.52 -4.62%
PVH Corp. (PVH) $100.77 -4.11%
Applied Materials Inc. (AMAT) $146.49 -3.42%
Dollar General Corp (DG) $215.81 -3.13%
Pfizer Inc. (PFE) $53.04 -3.00%
PerkinElmer Inc. (PKI) $179.99 -2.78%
Micron Technology Inc. (MU) $82.88 -2.67%
KLA-Tencor Corp. (KLAC) $402.53 -2.34%
Western Digital Corp. (WDC) $56.95 -1.33%
Walmart Inc. (WMT) $135.47 -1.22%

Nasdaq 100 - Risers

Wynn Resorts Ltd. (WYNN) $82.29 8.19%
American Airlines Group (AAL) $17.42 7.00%
Marriott International - Class A (MAR) $151.12 6.05%
Charter Communications Inc. (CHTR) $670.40 5.71%
Cadence Design Systems Inc. (CDNS) $184.66 5.49%
Ross Stores Inc. (ROST) $110.56 5.43%
Booking Holdings Inc. (BKNG) $2,171.93 5.08%
Comcast Corp. (CMCSA) $51.50 4.93%
Fiserv Inc. (FISV) $99.86 4.51%
Synopsys Inc. (SNPS) $349.67 4.46%

Nasdaq 100 - Fallers

Lam Research Corp. (LRCX) $661.52 -4.62%
NetEase Inc. Ads (NTES) $107.47 -3.88%
Applied Materials Inc. (AMAT) $146.49 -3.42%
Micron Technology Inc. (MU) $82.88 -2.67%
KLA-Tencor Corp. (KLAC) $402.53 -2.34%
Asml Holdings N.V. (ASML) $789.38 -1.82%
Western Digital Corp. (WDC) $56.95 -1.33%
Tesla Inc (TSLA) $1,084.60 -0.95%
JD.com, Inc. (JD) $84.46 -0.85%
Costco Wholesale Corp. (COST) $525.51 -0.82%


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