By Yasin Ebrahim

Investing.com – The S&P 500 climbed Wednesday, continuing its rebound from the recent omicron led selloff as a Tesla-infused rally in consumer discretionary and further strength in big tech push stocks higher. 

It rose 0.6% and the gained 0.6% or 171 points. The climbed 0.5% and was up 0.5%.

Tesla (NASDAQ:) rose more than 6% after chief executive Elon Musk said he has sold “enough stock” to achieve his goal of selling 10% of his stake in the electric car company.

The move higher in Tesla comes just weeks ahead of the EV maker’s fourth quarter update on deliveries.

“Tesla typically reports within 2-3 days of quarter-end so expect the results early in the new year,” {{RBC Capital Markets said in a note,}} forecasting total 4Q21 deliveries of 285,000 units.

The reopening of stocks saw a rise in consumer discretionary as the travel and hospitality sectors of the market posted gains.

Carnival (NYSE :). Royal Caribbean The cruises market (NYSE:) was up over 4% while Expedia (NASDAQ) Was up 2%

Sentiment on reopening stocks was also strengthened by news that Pfizer’s Covid-19 pill has received . Pfizer’s Paxlovid is the first at-home medication authorized for Covid-19.

“Pfizer stands ready to begin delivery in the U.S. immediately to help get PAXLOVID into the hands of appropriate patients as quickly as possible,” said Albert Bourla, chairman and chief executive officer of Pfizer (NYSE:). 

The broader market was also driven higher by big tech except for Meta (NASDAQ:).

Microsoft (NASDAQ :), Google-parent Alphabet NASDAQ :), Apple NASDAQ :), and Amazon NASDAQ : were all higher.

The oil price rose by more than 1 percent after oil stocks fell further than expected.

The U.S. inventory fell by 4.7 Million barrels in comparison to expectations of a decline of 2.8 Million barrels.

Devon Energy (NYSE:), APA – (NASDAQ:). Marathon Oil The top earners in the sector of energy were (NYSE:).

In industrials the caterpillar stock rose by more than 1%, as Bernstein elevated it to outperform and perform, citing upside in 2022.

Coinbase (NASDAQ:) climbed 2% after Oppenheimer named the company a top pick for 2022 as the acceleration of digital assets adoption will continue to bolster the crypto exchange’s growth prospects.

“For institutional investors who are interested in getting exposure to digital assets, we believe COIN [Coinbase] is well positioned to benefit from it,” Oppenheimer said.

On the economic front, the U.S. consumer continued to remain resilient shrugging off concerns about inflation amid “strong income expectations,” Jefferies said.

This was well above the consensus of 111.0.

Washington’s developments also contributed to the meltdown in the stock market after President Joe Biden announced that he would prolong the pause for student loan repayments until May 1.