Stocks rose broadly in midday trading on Wall Street Thursday as investors continue to monitor the spread of the new coronavirus variant as well as measures that the U.S. and other governments are taking to restrain it.
The S&P 500 rose 0.9% as of 11:48 a.m. The Dow Jones Industrial Average rose 494 points, or 1.5%, to 34,523 and the Nasdaq rose 0.1%.
The broader market as been choppy all week and every major index is on track for a weekly loss as investors try to gauge the amount of damage the omicron variant of COVID-19 might inflict on the economy. Wall Street will likely remain jumpy until investors have more information whether the latest variant is highly contagious and how well current vaccines will hold up.
More than 90% of companies in the S&P 500 index rose. The index has been on a roller coaster ride throughout the week. It was up as much as 1.9% Wednesday before skidding and closing 1.2% lower.
Banks and other financial companies lead the gains. Bank of America rose 3.4% and American Express rose 4.3%.