After Monday’s battering, Wall Street’s main indexes rose, boosted by Nike and Micron following strong earnings, with technology stocks bouncing back.
“We got oversold yesterday and we are bouncing back a little bit today. This market is more a dead cat bounce as opposed to this new bull market that is going to rage into 2022. There are just too many concerns,” said Dennis Dick, a proprietary trader at Bright Trading in Las Vegas.Mega-cap growth firms, including Tesla, Microsoft, Apple, Amazon, and Alphabet, rose between 0.2 per cent and 1.3 per cent after taking a beating on Monday.
The omicron variant of the coronavirus could send euro-area inflation in either direction -- depending on how governments, companies and consumers respond, according to European Central Bank Governing Council member Madis Muller. “Chinese regulators’ encouragement for such acquisitions would help troubled developers ease their debt pressure and improve the current operating conditions of the whole real estate industry,” said Zhang Zihua, chief investment officer at Beijing Yunyi Asset Management.
The Turkish lira, the worst performing emerging-markets currency in the world, clawed back some losses after Erdogan on Monday introduced emergency measures - effectively an interest-rate hike in disguise - in an effort to stem the volatility.
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