August 17, 2022

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Wall Street opens higher, driven by travel companies

Wall Street opens higher, driven by travel companies

Stock prices rose slightly in early trading Thursday on the New York Stock Exchange, thanks to positive economic reports. Trading was relatively quiet as many investors closed positions for the year.

The S&P 500 was up 0.3% by 10:15 AM ET. The Dow Jones Industrial Average rose 0.2% and the Nasdaq gained 0.6%.

Companies that rely on consumer spending, as well as energy and materials companies, led the gains. It has also seen the rise of travel and leisure companies such as Norwegian Cruise Line, Carnival, and Wynn Resorts. Media companies also saw a rise, including Discovery Communications, Viacom and DISH Network.

Concerns about the omicron variant were dispelled after scientists suggested it appeared to cause less severe symptoms and US President Joe Biden avoided announcing travel restrictions, among other measures that could have an impact on economic activity.

However, markets are still unsure about the impact of the omicron variant, which is rapidly spreading and becoming dominant.

The yield on the 10-year Treasury was virtually unchanged at 1.55%.

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