By Yasin Ebrahim

Investing.com – The S&P 500 climbed Wednesday, as gains in Tesla and big tech helped the broader market continue its rebound following the recent omicron selloff.   

The index rose 1.0% and the 0.7% (or 261 points) increased. It also climbed 1.2% and was up 0.8%.

Tesla (NASDAQ:) rose more than 7% after chief executive Elon Musk 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.

A surge in stocks being reopened as travel and hospitality markets saw increases for consumer discretionary.

Carnival (NYSE:) Royal Caribbean The cruises market (NYSE:) was up by more than 3 percent, Expedia (NASDAQ): The price 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:). 

With the exception of Meta, which was formerly called Facebook (NASDAQ :), big tech also drove the wider market higher.

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

Oil prices rose more than 1% after a smaller-than-expected drop in crude oil inventories.

U.S. inventories dropped by 4.7million barrels, exceeding expectations for a drop of 2.8million barrels.

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

In industrials, meanwhile, Caterpillar Inc (NYSE) rose by more than 1 percent after Bernstein elevated the company from perform to outperform, with upside into 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 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.