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Dow rises over 300 points early Tuesday as the stock market attempts to recoup some of Monday's selloff

MarketWatch logo MarketWatch 12/21/2021 Mark Decambre
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Video: S&P 500 Closes Down 2.3% as Variant Spooks Investors (Bloomberg)

U.S. stock benchmarks rose early Tuesday, on the heels of a sharp selloff, with optimism aided by the Biden administration's plan to fight rising COVID-19 cases driven by the omicron variant. Biden is set to deliver a speech on the omicron fight at 2:30 p.m. ET. Investors also were encouraged by news Monday that the Senate will vote on President Biden's Build Back Better economic plan in January despite Democratic Sen. Joe Manchin's opposition to it suggesting further negotiations with the West Virginia Senator are likely. The Dow Jones Industrial Average was up 348 points, or 1%, to reach 35,302, after sinking 433 points on Monday, but finishing off the low's of that session, down nearly 700 points. The S&P 500 index was trading 0.9% higher at 4,608, while the Nasdaq Composite Index was advancing 1% to 15,134. All three benchmarks suffered sharp losses on Monday. Investors are trying to gauge just how much the new omicron variant of coronavirus will slow economic growth, just as central banks are reining in their pandemic aid. That comes in what is likely to be increasingly thin trading as the market will be closed on Friday in observance of Christnas and parts of the market will be closed early on Thursday. In corporate news, shares of Nike are rising after the athletic-wear maker's better-than-expected earnings, despite poor China sales.

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