Boeing is Soaring and Rallying Amid Omicron Concerns

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Boeing is Soaring and Rallying Amid Omicron Concerns
The dollar crept higher in choppy trade as risk appetite increased. At the same time, a barometer of global markets jumped on Thursday as Wall Street gained on anticipation that the Omicron COVID-19 variant will be mild and not stall a fast rebounding US economy.

Last week, the number of Americans filing new jobless claims fell less than predicted, while layoffs fell to a 28-1/2 year low in November, both signals of strengthening labor market conditions in the United States amid an expanding economy.

"People are feeling a little more secure that, while the new type is very contagious, the symptoms appear to be minor so far," said Marc Chandler, chief market analyst at Bannockburn Global Forex.

Since March, the blue-chip company Dow gained the most percentage points in a single day, with Boeing Co (BA.N) delivering the most significant boost after China's aviation regulator approved the planemaker's 737 MAX aircraft.

The Dow Jones Industrial Average (.DJI) increased by 1.82%, while the S&P 500 (.SPX) increased by 1.42%, and the Nasdaq Composite (.IXIC) increased by 0.83%.

The dollar's gains were restricted as investors awaited the non-farm payrolls data for November's employment situation, which is coming on Friday.

According to a Reuters survey, Wall Street experts believe the US economy added 550,000 new jobs last month.

The dollar index, which measures the value of the US dollar against a basket of six currencies, increased 0.096 percent to 96.142. The yield on 10-year Treasury notes increased 1.5 basis points to 1.449 percent as investors returned to riskier assets.

Following the Organization of the Petroleum Exporting Countries and its partner’s shocked markets by sticking to plans to gradually increase supply, oil prices finished higher after a seesaw day in which benchmarks moved in a $5 range. find out more

Brent oil prices jumped 80 cents to $69.67 a barrel, while US crude futures rose 93 cents to $66.50.

Gold fell over 1% to a one-month low as investors flocked to the Federal Reserve's intentions to tighten monetary policy faster than expected to curb increasing consumer prices.

Gold futures in the United States fell 1.2% to $1,762.70 an ounce.