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US stocks extend gains for second trading day

man walking in front of apple technology store

The three US benchmark indices rallied for the second trading day as fears of omicron are fading off after the White House's medical advisor Fauci indicates the new Covid variant is less severe than being of concern according to the early data.

The Dow Jones Industrial Average rose 1.4%, S&P 500 advanced 2.07%, and Nasdaq jumped 3.03%. The tech sector jumped 3% and led the broader market gains as investors bought the dip in the growth stocks. The Mega-cap tech giants all had decent gains on Tuesday. Apple rose 2.86% after Morgan Stanley raised its price target to $200. Amazon, Microsoft, and Alphabet were all up more than 2%, while Meta Platform gained more than 1%. 

The EV maker, Tesla Motor, also recovered losses. Rivian, known as the electric-vehicle trucking startup, slipped 1.35% after its share jumped near 10% the previous day. While Lucid fell 2.89%.

The chipmakers had a winning day. Intel's share surged 7% before it cut gains and closed 2.55% higher. Nvidia rose 6.92%, and AMD was up 4%. 

Energy stocks continued to rebound as crude oil prices rebounded for the last two trading days amid optimism towards economic recovery after the positive comments on omicron from US officials. Devon Energy was up 6.49%, and Occidental gained 4.28%. 

The WTI futures added 1.95%, to $71.42.

Gold futures were up $7.5, to $1,787.1 per ounce.

The US 10-year Treasury yield rose to 1.478%.

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