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Wall Street Opens Higher as Micron Earnings Reassure; Dow up 220 Pts -Breaking

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stocks opened higher Tuesday due to strong earnings from Micron. (NASDAQ:). This helped reinforce the belief that Monday’s selloff was excessive and that there is still a positive fundamental outlook for next years. 

According to figures, new Covid-19 cases rose to an all-time high of 298,000 in the United States on Monday. As the deadly Delta strain gives way to the less transmissible but still dangerous Omicron variant, hospital admissions have not increased. Omicron is now responsible for close to three-quarters (according to Centers for Disease Control) of U.S. infection. 

At 9:55 AM ET (1440 GMT), the index had increased 267 points (or 0.8%) to 35,199. It was 0.6% higher than the 0.5%. 

Micron posted sharply better-than-expected earnings late Monday and increased its guidance. Micron pointed out sustained strong demand for electric vehicles and the data center sector in particular. It was taken as an indication that at most two of the key growth drivers that Micron has supported in recent months remain intact, despite the fact that the market rallies have been quite narrow.

 

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