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Profit from the Pros By Kevin Matras Executive Vice President
Stocks Rebounded Sharply On Monday
Image: Bigstock
Stocks rebounded sharply from Friday's sell-off. The Nasdaq led the way yesterday with a gain of 1.88%, followed by the S&P with 1.32%, and the Dow with 0.68%. The small-cap Russell 2000, however, was not able to maintain their intraday gains, giving up -0.18% by the close.
News on Friday that a new Covid variant, called omicron, sank stocks. The new strain is thought to be more transmissible and possibly vaccine resistant.
But while it is still considered more transmissible, some reports have suggested the symptoms are milder. And other reports have suggested that the vaccines indeed are believed to offer protection.
It will take weeks, however, to understand the severity of this new variant and how to properly fight it.
Until then, numerous countries, including the U.S., have restricted travel to and from South Africa.
But the administration yesterday said there was no need for lockdowns, and no need for any additional travel restrictions. And the markets extended their gains on the news.
Moreover, vaccine makers have said if adjustments are needed to combat this new strain, they were confident they could create a new one within 6 weeks and make/ship it out within 100 days.
In the meantime, stocks are likely to remain volatile.
But at the moment, omicron does not look like it will derail the economic rebound. And with GDP expected to accelerate into the end of the year, it looks like there's plenty more upside to go. Especially with December typically being a strong month for stocks.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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