4.10pm: Stocks rally at the close
US stocks headed into the green by Wednesday's close, extending its winning streak for a third straight day.
The S&P 500 was up 0.3% to close at 4,701 points, while the Dow Jones eeked out a 0.1% gain to close at 35,755 points. Over on the Nasdaq -- which rebounded in a big way on Tuesday -- the index was also in positive territory, closing at 15,767 points for a 0.6% increase.
12.05pm: Two-day Wall Street rally fizzles
US stocks were mixed in noon trading even as Pfizer said a third dose of its vaccine would be effective against the new coronavirus (COVID-19) Omicron variant.
At midday, the Dow eased 67 points to 35,652, while the S&P 500 was flat at 4,687 and the tech-heavy Nasdaq gained 46 points to 15,733.
“Investors have been conditioned by market history to get long, stay long, and on any sell-off, to get longer. This last sell off and powerful rebound just reinforced that lesson yet again,” Harvest Volatility Research head of trading and research Mike Zigmont said.
“The two rallies that we had on Monday and Tuesday were so strong and they were back-to-back that even for the most bullish of the bullish, you’ve got to take a pause,” Zigmont added.
Apple Inc (NASDAQ:AAPL) shares continued to experience upward momentum, gaining nearly 8% over the past three trading sessions as more analysts boost their target prices on the stock.
11am: Proactive North America news headlines:
VR Resources says drilling has extended its rare earth discovery to over 1,000 metres at its Hecla-Kilmer project in Ontario
Pathway Health (TSX-V:PHC) anticipates new pharmacy contracts for medical cannabis in 2022 as it prepares for Cannabis 3.0
Goldshore Resources reports significant assay results from Moss Lake gold project in Ontario
Healixa (OTC:EMOR) appoints former US representative Denver Riggleman to its board of directors
One World Lithium closes final tranche of oversubscribed private placement to raise over C$1.8M
PlantX Life launches new mobile app to boost customer engagement
CytoDyn says Brazil’s health regulator agrees to modify CD16 trial for critically ill coronavirus patients
Cypress Development completes purchase of permit for water rights in Nevada to spur development of Clayton Valley lithium project
Aurania Resources reports high-grade drill intercept at Tiria-Shimpia target on its Lost Cities-Cutucu project in Ecuador
Nomad Royalty (TSX:NSR) acquires $75M gold stream on Ivanhoe Mines Platreef PGM project in South Africa
BioLargo begins next step in preparing Garratt-Callahan minimal liquid discharge system for commercial launch
FPX Nickel says testwork at Baptiste nickel deposit demonstrates potential to improve nickel recovery
Sassy Resources (CSE:SASY, OTCQB:SSYRF) uncovers 'multi-kilometer-long' gold and copper anomaly at 'Viking' target at Gander North project, Newfoundland
Electric Royalties provides update on six core assets within rapidly developing royalty portfolio
BioHarvest Sciences says it has produced a “meaningful” amount of cannabis without growing the plant
Nextech AR integrates with Coinbase Commerce to accept cryptocurrency as payment method
Algernon Pharmaceuticals appoints two consultants for its DMT stroke clinical program; completes manufacturing supply for trials
Victory Resources receives permit to commence drilling on its Smokey Lithium property
Ketamine One (NEO:MEDI.AQN) adds Seattle location to its expanding US clinical network
Fobi agrees to acquire leading European digital wallet and mobile marketing company Passworks
i-80 Gold says first phase drilling at Granite Creek project confirms potential for a high-grade open pit mine
9.45am: US stocks mixed at open
US stocks started mixed midweek and little changed after the rally that was seen in the first two days of the week.
The Dow Jones Industrial Average advanced around 83 points to stand at 35,802 in early deals in New York.
The S&P 500 gained around five points at 4,692. Meanwhile, the tech-heavy Nasdaq index went the other way, losing around 23 points at 15,662.
Concerns are still swirling around the new coronavirus (COVID-19) Omicron variant as the world awaits to see how damaging the new infections are.
Shares in Pfizer advanced 0.5%, while BioNTech shares gained nearly 4% in Frankfurt as the pair reported initial results that showed that their COVID-19 vaccine neutralized the omicron variant of the coronavirus after three doses, or the full two-dose regimen plus a booster.
6.30am: US stocks seen opening mixed
US stocks are expected to open mixed, with tech shares likely to extend their gains following the equity market's best day since March as concerns about the new coronavirus (COVID-19) Omicron variant ease due to the milder symptoms that have been reported.
Futures for the Dow Jones Industrial Average eased back 0.11% in Wednesday pre-market trading, while the broader S&P 500 index gained 0.09% and those for the tech-heavy Nasdaq 100 added 0.39%.
Stocks rallied on Tuesday, led by a 3% gain for the Nasdaq to 15,687. The Dow added 1.4% to 35,719, while the S&P 500 rose 2.1% to 4,687.
Shares of Apple Inc (NASDAQ:AAPL) advanced nearly 4% after Morgan Stanley (NYSE:MS) increased its target price on the stock to $200 per share, citing the consumer electronics giant’s commitment to developing augmented and virtual reality technology.
“The global market rebound continued to gather strength yesterday as investors became increasingly optimistic that the Omicron variant wouldn’t prove as bad as initially feared,” commented Deutsche Bank strategist Jim Reid.
“To be honest, it was more the absence of bad news rather than any concrete good news helping to drive sentiment. Late in the US session, we did see some headlines suggesting that the Pfizer vaccine may provide some defence against Omicron but also that the new variant does evade some of the immunity produced by this vaccine.
“For the markets though, every day that passes without a wave of severe cases driven by Omicron is offering more hope that this won’t be the curveball to throw the recovery off course.”