Stocks rebounded following their worst three-day decline since September, as investors sought riskier assets. treasuries fell.
The technology-heavy Nasdaq 100 soared more than 2%, led by chipmaker Micron Technology Inc., which jumped on an upbeat outlook. Nike gained ground as revenue in North America grew, offsetting a decline in China. Pfizer Inc. and Merck & Co. closed at session lows after it was reported that the US Food and Drug Administration was expected to approve their medications to treat coronavirus as early as this week.
Biden said he still has a chance to reach an agreement with Democratic Senator Manchin in order to have his nearly $2 trillion economic plan passed by Congress. He's also thinking about easing travel restrictions for persons coming from southern African countries where the omicron version of coronavirus was discovered.
Earlier today, the global investment committee of Credit Suisse Group AG reduced its stock allocation from overweight to neutral, citing increased risks from the omicron type.