Stock market takes turn with strong gains after first case of omicron strain of coronavirus confirmed in California

Stocks took a dramatic bearish turn on Wednesday afternoon, as the Nasdaq Composite plunged into negative territory, after Dr. Anthony Fauci, President Joe Biden’s chief medical advisor, during a briefing to reporters on Wednesday, said the United States had its first confirmed case of the virus. The omicron type of coronavirus that causes COVID-19. “The California, San Francisco, and CDC public health departments have confirmed that a recent case of COVID-19 in an individual in California was due to an omicron variant,” Fauci said. Nasdaq Composite Index
COMP,
+ 0.14%

It is down 0.1% after rising 1.8% at its peak on Wednesday, which would mark the largest shift since July 2020, according to market data from Dow Jones. S&P 500 . Index
SPX,
+ 0.64%

It was consolidating on a 0.3% gain but was sharply higher at 4,652.94 and the Dow Jones Industrial Average
DJIA,
+ 0.34%

It was steady at 34466, but touched an intraday high at 35004.

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