Dow Jones extends to new all-time high, tech stocks weaken

NEW YORK, New York – It was another record-breaking day on Wall Street Tuesday as investors pushed industrial stocks higher.

“The chief reason behind the return of investor confidence is Omicron,” Jeffrey Halley, an analyst at Oanda told Reuters Thomson Tuesday.

“Yes, the virus variant is much more contagious, but it is not leading to a proportionally larger number of hospital admissions… (so) it won’t stop the global economic recovery,” he said.

The Dow Jones industrials surged 214.59 points or 0.59 percent to 36,799.65, a new all-time high.

The Standard and Poor’s 500 was also heading for a record close, but a late sell-off saw the key index slip 3.02 points or 0.06 percent to close Tuesday at 4,793.54.

The tech-laden Nasdaq Composite went against the trend, giving up 210.08 points or 1.33 percent to 15,622.72.

The U.S. dollar was mixed. It rose slightly against the euro, which was trading at 1.1284 towards the New York close Tuesday. The British pound firmed to 1.3530. The Japanese yen was sharply lower at 116.13. The Swiss franc was easier at 0.9165.

The Canadian dollar edged up to 1.2708. The Australian dollar firmed to 0.7241. The New Zealand dollar inched up to 0.6810.

Overseas, the FTSE 100 in London surged 1.63 percent. The Paris-based CAC 40 rose 1.39 percent. The Dax in Germany appreciated by 0.82 percent.

On Asian markets, the Nikkei 225 in Tokyo managed a 510.08 points or 1.77 percent surge to close Tuesday at 29,301.79.

The Australian All Ordinaries did better, jumping 147.60 points or 1.90 percent to 7,926.80.

China’s Shanghai Composite finished flat, losing 7.45 points or 0.20 percent at 3,632.33.

In Hong Kong the Hang Seng finished 15.09 points or 0.06 percent ahead at 23,289.84t