US stocks extend rebound as Omicron fears recede and early antiviral data suggests effectiveness against variant

US stocks extend rebound as Omicron fears recede and early antiviral data suggests effectiveness against variant

US stocks soared on Tuesday, with the Nasdaq jumping nearly 2% as fears of the COVID-19 Omicron variant begin to recede. Early is likely also easing concerns, as the drug maker said its antiviral treatment retains in vitro activity against the full Omicron spike protein. That data lines up with prior comments from Merck and Pfizer, with both saying last week they expect their antiviral pill to work against all COVID-19 variants. With Omicron now seen as having a diminishing chance of disrupting the economic recovery from a global pandemic, oil prices surged about 2%. Cathie Wood's Ark Invest is having a tough year, as even as the broader stock market is just 2% away from record highs. Six of Ark's eight funds are in the red, with its flagship disruptive innovation fund down 24% year-to-date. The recovery in stocks has following their steep weekend sell-off. Bitcoin is now back above $50,000 and metaverse tokens are once again soaring higher. Congresswoman Alexandria Ocasio-Cortez as she explained that she doesn't own bitcoin because she wants to be an unbiased lawmaker. oil jumped as much as 2.36% to $71.13 per barrel. , oil's international benchmark, rose as much as 2.16% to $74.66