4:15 pm: Market closes with major rebound
US President Joe Biden said on Tuesday that the country is not going back to March 2020 with another COVID-related lockdown. Biden is planning on deploying 1,000 military medical personnel to help hospitals cope with the expected Omicron wave in January and February 2022.
With that, the market saw a major rebound. The Dow Jones Industrial Average gained 561 points or 1.60%, closing at 35,493. The S&P 500 gained 1.78% to close at 4,649 points; and Nasdaq ended the day at 15,341 points after gaining 360, or 2.40%.
12.05 pm: Dow adds more than 400 points
US stocks were higher in noon trading, reversing three days of losses, on reports that President Biden will unveil steps to combat the coronavirus (COVID-19) Omicron variant.
At midday, the Dow gained 471 points to 35,403, while the S&P 500 added 52 points at 4,620 and the tech-heavy Nasdaq climbed 193 points to 15,174.
“The market seems to be reacting to a short term oversold position,” Granite Investment Advisors principal Timothy Lesko said.
“If Omicron induced illness remains mild, which seems to be of some debate, we could see a rally,” Lesko added.
Notable movers included shares of Micron Technology, Inc, which surged more than 9% after the memory-chip maker posted better-than-expected 1Q earnings and provided bullish guidance.
11am: Proactive North America headlines:
American Battery Technology expands resource exploration, staking additional 2,440 acres of claims in Nevada
Safe-T Group (NASDAQ:SFET) says its Safe-T Data A.R subsidiary recognized in Gartner’s Market Guide for User Authentication report
Vuzix says that customer AMA has placed another order for its Smart Glasses
MAS Gold and Eros Resources strike option agreement on its La Ronge gold belt property portfolio in Saskatchewan
BioSig Technologies selects Access Strategy Partners to accelerate commercial sales
Benchmark Metals eyes preliminary economic assessment in 2022 followed by feasibility study for flagship BC project
CytoDyn receives positive response from US FDA for conducting a Phase III trial in critically ill COVID-19 pneumonia patients
Evergold says drilling at Pyramid Peak confirms presence of high-grade vein system on the Snoball property in BC's Golden Triangle
Gratomic says it is ‘very pleased’ with the results of the independent performance testing on Aukam project in Namibia
Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) signs one-year contract with golf company for digitizing membership cards through its wallet pass technology
Renforth Resources brings in C$1,376,260 to advance exploration at Surimeau and Parbec projects in Quebec
The Valens Company (TSX:VLNS, OTCQX:VLNCF) inks two agreements with PMI Mexico, one of the leading drug suppliers to the Mexican government
Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG) subsidiary ORYX Gaming takes its content live with Grand Casino Baden
Mednow inks deals to acquire Liver Care Canada and London Pharmacare
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) unveils three-year agreement with an independent Ontario clinic to supply its Connected Health services for at-home pulmonary rehabilitation
QC Copper and Gold says Kevin Canario has been appointed as the company's chief financial officer
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) unveils three-year agreement with an independent Ontario clinic to supply its Connected Health services for at-home pulmonary rehabilitation
Nextech AR Solutions signs multi-year deal with Restaurant Canada for virtual event and marketplace
Cypress Development qualifies to trade on OTC Markets' OTCQX Best Market and begins trading today, December 21, 2021
Soma Gold picks up environmental sustainability award from Colombian department
Planet 13 to acquire Next Green Wave (CSE:NGW, OTCQX:NXGWF) Holdings, expanding presence in California with premium indoor cultivation
Metal Energy Corp appoints Kevin Canario as the company's chief financial officer
HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining reports latest drill results from Alaska project, including one hole which it says will improve resource
9.50am: US shares start higher
US shares started on the front foot after the recent acute sell-off caused by worries over coronavirus (COVID-19).
The Dow Jones Industrial Average added over 345 points to stand at 35,277 in early trade in New York. The broader-based S&P 500 index gained around 43 points at 4,611.
Meanwhile, the tech-laden Nasdaq advanced around 174 points at 15,158.
Big tech was among the gainers. Micron Technology shares surged over 8% on Wall Street as the data firm and memory-chip maker reported earnings for the prior quarter, which were much better than expected and gave offered bullish guidance. Fellow computer chipmakers were also gaining ground, with Nvidia Corp gaining 1,6% in early deals.
Also in focus for investors was US President Joe Biden’s economic plans. The Senate will vote on the president's safety net and climate policy bill in January, 2022 despite Senator Joe Manchin’s opposition to it, as reported on Monday.
6.20am: US stocks set for early bounce
US stocks are set for an early bounce on Tuesday following the previous session's sharp sell-off as a nascent Santa rally fights against the gloom caused by the impact of the Omicron coronavirus (COVID-19) variant.
Futures for the Dow Jones Industrial Average were up 0.5%, while those for the S&P 500 index also added 0.5%, and contracts for the tech-focused Nasdaq-100 rose 0.7%.
Wall Street declined for a third consecutive trading session on Monday as the fast-spreading Omicron variant spurred fears that new lockdowns could derail the stuttering global economic recovery.
The rise in Omicron cases has spurred concerns over global supply-chain disruptions that have added to inflation, although signs that vaccine boosters offer protection against the variant have offset some of the gloom.
Meantime, hopes were raised that a version of the US$2 trillion spending package could still be passed after Senate majority leader Chuck Schumer said Democrats would take up the legislation early next year, despite opposition from Senator Joe Manchin.
“As we head towards an uncertain festive break the market is swaying about more than someone who’s over-indulged on the sherries on Christmas Day,” commented AJ Bell investment director Russ Mould.
“Added to the mix is Democratic Senator Joe Manchin’s decision not to support President Biden’s Build Back Better infrastructure bill, throwing a spanner in the works of a key plank of the administration’s policy programme and hitting the share prices of industrial businesses, both here and in the US, which would have expected to benefit from the $1.9 trillion of spending.
“Time will tell if this is a negotiating strategy from Manchin or if he really intends to blow up the legislation entirely," Mould added.