|I:DJI||DOW JONES AVERAGES||34483.720000||-652.22||-1.86%|
|I:COMP||NASDAQ COMPOSITE INDEX||15537.690666||-245.14||-1.55%|
Jerome Powell told members of Congress that the omicron variant could mean policymakers may need to speed up the pace of previously outlined tapering plans. He also noted the U.S. will get a clearer picture of the variant in about ten days. On inflation, he said removing the word "transitory", a frequent description used by the Fed now makes sense.
"I think you've seen our policy adapt and you'll see it continue to adapt till we make sure that higher inflation does not become entrenched," he said.
Vaccine makers, reactions to vaccine makers stocks were mixed. Moderna's CEO, in an interview with the Financial Times, said that current vaccines for COVID-19 will likely be much less effective against the new omicron variant. "Pfizer and BioNTech are remaining vigilant and constantly conducting surveillance efforts focused on monitoring for emerging variants that potentially escape protection from our vaccine. We are beginning to run neutralization tests on the new Omicron variant of concern and expect to have initial data in the coming weeks."
Cyber Monday, Adobe's latest stats on Cyber Monday were updated Tuesday and shoppers spent $10.7B a drop of 1.4% compared to the same period a year ago.
European rebounded at Tuesday trading with most of the monitored markets in green the German DAX 30 climbed by 1.48% to 15,324.34, France's CAC 40 increased by 1.32% to 6,810.11 while Britain’s FTSE 100 hinged higher by 1.28% to close at 7,149. The region is still battling with the surging Covid infection rate.