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Stocks rebounded on Thursday from a selloff in the previous session spurred by the arrival of the latest COVID variant on U.S. shores.
The Dow Jones Industrials regained 348.34 points, or 1%, to begin Thursday at 34,370.88, helped by a 3% uptick in Boeing’s stock.
The S&P 500 index recovered 24.79 points to 4,537.83.
The NASDAQ had trouble getting traction and lost 46.98 points to 15,207.08.
Airline, casino and energy stocks led the gainers on Thursday, rebounding from Wednesday’s selloff. Delta Air Lines rose 4%, MGM Resorts added 4.5% and Hilton Worldwide gained 3.9%. Norwegian Cruise Line added 5%.
Dow component Boeing’s shares jumped 3.6% after China cleared the 737 Max to return to fly.
On the negative side, Apple’s stock dropped 2% after Bloomberg News reported the tech giant is experiencing slowing iPhone demand ahead of the all-important holiday season.
Investors continue to watch for developments on the new omicron Covid-19 variant, with uncertainty around its rate of transmissibility and fears that it could evade vaccines.
Still, Bank of America noted that December has historically been the strongest month for the S&P 500, with the index gaining 2.3% on average since 1936 and positive 79% of the time. However, December has not always been immune to selloffs, according to some experts.
On the data front, initial jobless claims totaled 222,000 for the week ended Nov. 27. Economists were expecting a print of 240,000, according to estimates from Dow Jones. The prior reading showed 199,000 first-time filers, which was the lowest since November 1969.
The November jobs report will be released on Friday.
Prices for 10-year Treasurys lost a bit of ground, moving up yields to 1.43% from Wednesday’s 1.42%. Treasury prices and yields move in opposite directions.
Oil prices fell 21 cents to $65.36 U.S. a barrel.
Gold prices were off $14.10 to $1,770.20 U.S. an ounce.
