Global equity markets and oil prices soared on Tuesday after getting a boost from China that had sparked gains and added to complacency over concerns the Omicron Covid-19 variant would not hurt most sectors of the economy.
Technology stocks rebounded with the Nasdaq soaring 3% having helped the FTSEurofirst 300 index for large companies in Europe to post its first consecutive rise with more than 1% gain since February.
Technology stocks in Europe rose 5.6% while the S&P information technology sector grew 3.5% almost half of S&P 500 gains. The semiconductor sector rose 5.0% and all 11 S&P sectors rose. Growth of 2.7% outpaced value gain of 1.3%.
The Asian overnight market recorded a rebound with the rise of several Chinese tech giants including Alibaba Group, JD.com and Baidu Inc.
The worldwide MSCI index drove 2.1% in its largest profit percentage since November 2020. The FTSEurofirst 300 closed higher at 2.24%.
The Wall Street market saw the average Dow Jones Industrial index up 1.40%, the S&P 500 up 2.07%and the Nasdaq Composite up 3.03%.
Easing concerns over Omicron and stimulus from China have made the currency more risky with the Australian dollar ahead of gains having gained 1.0%.
The dollar index, which measures a number of currencies against 6 other currencies, rose 0.03% at 96.324 while the Euro was down 0.19% at $ 1.1263 while the Japanese Yen added 0.05% at $ 113.52.
Expectations that the Federal Reserve (Fed) will speed up the tapering of its bond -buying program at next week’s meeting in response to a disappointing labor market also support the value of the dollar.
The yield on the 10 -year U.S. treasury notes rose 4.4 basis points at 1.479%.
Australia’s S & P/ASX200 rose 1% after its central bank left interest rates at 0.1% and Japan’s Nikkei drove 1.9% after the Yen fell.
Brent crude oil prices rose $ 2.36 at $ 75.44 a barrel while US crude oil prices added $ 2.56 at $ 72.05 a barrel.
US gold futures rose 0.3% at 1,784.70 an ounce.
Bitcoin rose 0.31 at $ 50,697.01.
