Magnificent News: Dow adds 617 points in big rebound | Jobless claims lower than expected | Why is Jim Chanos betting against DoorDash?

Thursday, December 2, 2021

Dow adds 617 points in big rebound | Jobless claims lower than expected | Why is Jim Chanos betting against DoorDash?

THU, DEC 02, 2021

EVENING BRIEF

AS OF THU, DEC 02, 2021 • 05:07 ET

DJIA		34639.79
		+1.82%	+617.75

S&P 500		4577.10
		+1.42%	+64.06

NASDAQ		15381.32
		+0.83%	+127.27

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	163.76	-1.01	-0.61%
INTC	49.50	+0.90	+1.85%
MSFT	329.49	-0.59	-0.18%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	163.76	-1.01	-0.61%
F	19.87	+0.29	+1.48%
T	23.05	+0.82	+3.69%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	163.76	-1.01	-0.61%
AMD	150.68	+1.57	+1.05%
NVDA	321.26	+6.91	+2.20%

EDITOR'S NOTE

Stocks rebounded sharply on Thursday. The bounce comes after the prior session's sell-off on concerns about omicron hitting U.S. shores. Travel stocks were among the notable gainers, with airlines, cruise operators and casinos rising.

Investors were likely soothed by the fact that the California resident with the Covid variant has mild symptoms. A second individual with a case of omicron, reported in Minnesota, has reportedly already recovered.

The Dow Jones Industrial Average roared more than 617 points higher. The S&P 500 rose 1.4%, and the Nasdaq Composite gained 0.8%. The small-cap benchmark Russell 2000 added 2.7%.

Delta Air Lines is among the travel stocks enjoying a jump after the prior day's sell-off. The stock closed 9.2% higher Thursday after falling nearly 7.4% the day before.

Despite the bounce in equities, many on Wall Street remain cautious and said not to discount the potential volatility ahead. The CBOE Volatility Index, a gauge of investor fear, is still elevated at the 27 level.

"After the worst two-day drop in more than a year, stocks are staging a nice bounce," said Ryan Detrick of LPL Financial. "But the uncertainty and concerns over Omicron are still out there, so we probably shouldn't unbuckle our seatbelts just yet."

Next up, investors are preparing for Friday's closely watched nonfarm payrolls report for November.

Economists expect 573,000 jobs were created last month, up from 531,000 in October, according to Dow Jones. The unemployment rate is expected to have declined to 4.5% from 4.6%.

"It looks like it was a really good month, and we'll see if we can sustain it, with some pullback, which is natural with concerns about omicron," said Diane Swonk, chief economist at Grant Thornton. "But at the moment, we're still coming off what was an incredible month, especially for travel and tourism."