Stocks attempted to rally for the second day in a row and tech stocks trimmed day's gains. Merger Monday also bolstered market sentiment after at least three deals worth $5 billion were announced.
U.S. stocks traded higher on the second day after December jobs report sparked a worldwide market rally supported by China optimism and receding inflation expectations.
Benchmark indexes soared after the labor market expanded at a moderate pace in December raising hopes of peaking inflation and slowing down the pace of interest rate increases.
With two jobs reports highlighting strong labor market and a third report on the way on Friday, stocks turned lower and benchmark indexes are set to extend weekly losses to the fifth.
Benchmark indexes traded lower after two reports confirmed the ongoing tight labor market conditions and expanding payrolls as private businesses continue to add jobs.
Stocks on Wall Street traded lower on the final trading day of 2022 and benchmark indexes posted the worst losses since 2008. The highly immune evasive mutating XBB omicron subvariant family virus is rapidly spreading in the U.S.
Stocks staged a rebound and major averages soared 2% on the back of a rally in tech stocks. Crude oil dropped 2% on the worries that the rapid rise in China's Covid-infections may spread to the rest of the world.
