A new variant of Covid, Omicron, tanked the Markets the day after Thanksgiving. The new mutation, which is potentially more transmissible, was first discovered in South Africa and has since been detected in Australia, United Kingdom, Germany, Israel, Italy, the Czech Republic and Hong Kong. On Friday, the Dow Jones Industrial Average dropped 905.04 points, or 2.53%, for its worst day of the year, closing at 34,899.34. The S&P 500 lost 2.27% to close at 4,594.62, while the Na
Tech index fell 0.5% to 15,775.14, and after struggling all day the S&P 500 was up 0.17%. The Dow Jones Industrial Average rose 194.55 points to 35,813.80 boosted by bank and energy stocks. Increased Treasury yields and run away inflation have jumped following President Biden’s decision to renominate Fed Chair Jerome Powell. Higher rates are a negative indicator for high-growth companies because cash for growth is more expensive. “We have seen a little pressure on tech stocks
Stocks hit record highs this past week after stronger than expected jobs report that showed 531,000 jobs added in October and a revised gain of 312,000 in September. Pfizer's claims its new Covid-19 pill reduces the risk of hospitalization and death by 90%. It was up significantly after this announcement. It also helped to boost travel and entertainment related stocks as a result. For the week, the S&P 500 gained 2%, pushing its year-to-date gains to 25%, the Dow added 1.