Want to know exactly how volatile the stock market is right now?
Yesterday investors and traders got news that the first case of the Omicron Variant had been recorded in California. On that, and some “We’ll tighten sooner than expected” remarks from Fed officials, stocks plunged with the Dow Jones Industrial Average showing a 972 point swing from high at 11:25 and 34,994 to the close a 34,022.
Today investors and traders got news of a second case–a Minnesota man who had attended an anime conference in New York. And the stock market didn’t just shrug; it rallied big time with the Standard & Poor’s 500 closing up 1.42%, the Dow Industrials u 1.85%, and the small cap Russell 2000 ahead 2.74%.
Many of the “re-opening” stocks that got killed yesterday were up big today.
American Airlines (AAL), for example, was down 5.65% yesterday and up 5.30% today. Same with Carnival (CCL), which was down 3.43% yesterday and up 7.75% today.
Industrial socks moved strongly higher today with bike component maker Shimano (SMNNY) higher by 5.90% at the loe in New York and General Motors (GM) ahead by 5.10%.
Perhaps oddly (or maybe not on profit taking logic), technology shares again lagged with Applied Materials (AMAT) down 3.11% and Apple (AAPL) lower by 0.61%. (That’s actually a fairly strong performance from Apple given news that the company told suppliers that it is seeing a slowdown in demand for current iPhone generation.)