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Boeing (BA) +2% as travel and airline stocks rally on Tuesday
Boeing (BA) and United Airlines (UAL) were among the stocks trading higher on Tuesday as investors looked favourably at the economic impact of Omicron.
Boeing (BA), United Airlines (UAL) and Delta Air Lines (DAL) were among the companies making modest gains during trading in the US on Tuesday as investors looked past concerns about Omicron infections.
While Apple (AAPL) said it was shuttering all 12 of its stores in New York City to combat the spread of the Covid-19 variant, investors are becoming more confident that its impact will be short-lived in terms of the economy.
That meant travel and airline stocks fared better in trading after taking a battering during the previous session.
Boeing, which climbed 1.7% before midday, also got a boost from Indonesian officials green-lighting the return of its 737 Max fleet more than two years after a major crash in the country.
United Airlines, Delta Airlines and American Airlines (AAL) also rose 1.1%, 0.9% and 1.1%, respectively.
The S&P 500 index extended its winning streak to a fourth day, buoyed by more studies suggesting Omicron does not lead to symptoms that are as serious as previous variants.
Dr Anthony Fauci’s comments about the possibility of a vaccine mandate being introduced for domestic travel in the US did little to deter investors.
Apple’s store closures did weigh on its own shares as the tech giant traded down 0.47% at $179.49 by mid-afternoon on the Nasdaq.
Apple is still closing in on a historic $3tn market valuation with shares needing to hit a price of $182.86 in the coming days to achieve that milestone.
Elsewhere, shares traded higher in Europe and Asia with Japan’s Nikkei 225 index finishing up 1.37% on strong factory data which was driven by a rebound in domestic car manufacturing.
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