Encouraging news about COVID-19 vaccines gave a boost to Wall Street Wednesday. Pfizer and BioNTech said their three-shot vaccine course was able to neutralize the Omicron variant in a lab test.
But some investors remained cautious as Britain said it could implement tougher measures to slow the spread of the virus. And investment bank Jefferies Financial cancelled all client parties and most travel, asking employees to work from home when possible due to a spate of COVID-19 cases.
Gerber Kawasaki CEO Ross Gerber:
“We're sort of in digestion mode because there's really a lot of confusion about what impact coronavirus will have over the next quarter as far as that economic activity. And because I think many of us are already using lots of precautions, I really don't see any real change that we can make to be safer, but we all have to live our lives so we assume there'll be minimal economic impact because of Omicron.”
The Dow tacked on a tenth of a percent. The S&P 500 added three-tenth percent. And the Nasdaq gained two-thirds percent.
Shares of Stanley Black & Decker rose. The maker of industrial tools and household products is buying Securitas’ electronic security solutions business for $3.2 billion.
Roku shares jumped by nearly a fifth. The company settled its months-long feud with YouTube, allowing the streaming video service to keep playing on Roku’s devices.
Stitch Fix’s beleaguered shares got slammed. The online shopping and styling firm cut its revenue outlook for the full year, and at least two brokerages downgraded its shares.