Technology Leads Biggest Stock Rally Since March: Markets Wrap
- Nasdaq 100 index gains 3% amid easing omicron virus fears
- China expands support for its economy; Crude oil surges
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U.S. stocks staged the biggest rally in nine months, with major averages climbing at least 2% on optimism the omicron variant won’t derail global growth. Treasuries fell, sending two-year yields to the highest since March 2020.
Technology shares that led last week’s decline paced the rebound. The Nasdaq 100 Index surged 3%, an ETF that tracks newly public companies jumped 5% and small caps climbed 2%. The S&P 500 erased all the losses suffered after Jerome Powell’s hawkish tilt a week ago and was just 0.3% below its last close before the omicron variant rocked markets. The Cboe Volatility Index plunged five points to 22. The dollar dipped and crude rose above $71 a barrel in New York.