Wall Street continues Monday’s rally, riding high on the back of tech stocks

• • The Nasdaq Composite climbed 3%, to 15,675
• • Fears over the impact of the Omicron variant of the coronavirus has cooled down this week, say analysts

Tuesday’s trading session extended the gains from the previous session with Nasdaq leading gains as investors crawled back towards technology stocks and semiconductors after Intel announced its plans to launch an IPO of its self-driving car division.

The Nasdaq Composite climbed 3%, or 451 points, to 15,675. The Dow was up by 508, or 1.4%, to 35,742, while the S&P 500 rose 2.1%, or about 94 points, to 4,686, with the technology sector leading the rally.

The Dow Jones rally was led by Goldman Sachs which moved up 2.35%, while Salesforce moved up 2.88% in Tuesday's stock market.

As the fear over the impact of the Omicron variant of the coronavirus cools down, investors are once again rushing up the Street. Fears of the Omicron variant sent investors to their exits last week which was termed as an overreaction by analysts.

Read more: Dow takes a U-turn as CDC confirms the first Omicron case in U.S.

The yield on the 10-year Treasury note in the bond markets climbed nearly 2 basis points to about 1.46% in Tuesday afternoon trading.

Meanwhile, the U.S. trade deficit sank almost 18% in October after the biggest surge in exports in 13 years and a slowdown in imports due to congestion at domestic ports. The trade gap shrank to $67.1 billion from a record $81.4 billion in the prior month, the government said Tuesday.

Also Read: Port shutdowns amid delta variant’s spread weigh heavily on strained global supply chains

Intel rose about 4% after it announced its plans to publicly list its self-driving car division, Mobileye, in the U.S., in 2022, via an initial public offering (IPO).

Read More: Intel to list Mobileye shares in the U.S. market in 2022

Travel-related stocks, which led the market rally Monday, soared with Wynn Resorts rising more than 3% and Norwegian Cruise Line Holdings rose to about 4%. The Invesco Dynamic Leisure and Entertainment ETF gained 1.9%.

Picture Credits: The Balance