Stocks jumped on Tuesday morning after a rebound from a rollercoaster week as investors grew less fearful of the potential impact from the new omicron coronavirus variant.
The Dow Jones Industrial Average rose 325 points, or 0.9%. The S&P 500 added 1.2% and the Nasdaq Composite gained 1.9%.
Chipmaker stocks were the early winners, with Intel leaping 6% and NVIDIA up 2%, following news that Intel is planning to take its self-driving car unit, Mobileye,public in mid-2022.
Casino stocks also were hot, as Las Vegas Sands rose 2%, while cruise lines also gained on the enthusiasm that omicron may pose less of a threat than feared. Norwegian Cruise Line Holdings jumped about 4%.
Apple shares rose 2% following a call from Morgan Stanley, which maintained its outperform rating on the stock but heightened its price target on it to $200, citing the company's commitment to developing augmented and virtual reality technology.
Elsewhere Tesla shares more than 3% despite news that the company had to replace cameras in three of its models. UBS said the electric carmaker will be the dominant force in the industry and raised its price target.
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