Indexes surged as the markets bet the latest COVID-19 variant isn’t as bad as feared.
The S&P; 500 climbed 1.1% to 4,618.81 in midday trading while the Dow Jones increased 0.7% to 34,719.95 and the Nasdaq was up 0.6%.
The yield on a 10-year Treasury bond rose 0.7% to 1.453%.
The price of gold increased 0.6% to $1,787.
The price for a barrel of oil was up 0.5% to $66.49.
Indie Semiconductor Inc. (Nasdaq: INDI) jumped 9.5% to $15.04 and a $2 billion market cap. Shares of the Aliso Viejo-based maker of semiconductor chips have almost doubled since their 52-week low in July.
Five Point Holdings LLC (NYSE: FPH) soared 9.5% to $5.90 and a $416 million market cap. Shares of the Irvine-based home developer are still down 23% since reporting third quarter results on Nov. 3.