During the week, the oil, industrials, real estate, and financials sectors had led a broad recovery bounce back from previous sessions with investors taking advantage of the drop to buy cyclical companies connected to the economic recovery.
Following an Omicron-driven sell-off the previous session, stocks rallied dramatically on Thursday, with cyclical names recouping some of their recent losses. Thursday’s session saw the Dow Jones Industrial Average rise 617.75 points to 34,639.79, thanks to a 7.5 percent increase in Boeing’s stock.
In pre-market trade on Friday, Ulta Beauty (NASDAQ: ULTA) had been up more than 5% after the cosmetics business boosted its fiscal year sales target. Ulta (ULTA) forecasted net revenues of $8.5 billion to $8.6 billion, with comparable-store sales growth of 36 percent to 37 percent.
Gold and gold stocks found support after the recent falls. Investors are weighing the attractiveness of the metal as a inflationary hedge against the US Federal Reserve officials effectiveness in managing rates and tapering.
The Organization of Petroleum Exporting Countries (OPEC), Russia, and their allies, collectively known as OPEC+, warned it will evaluate supply additions ahead of its next planned meeting if the Omicron variant dampens demand, although prices fell for the fifth week.