ASX set to rise, Nasdaq jumps 3pc as investors pile into tech stocks
Australian shares are set to rise in morning trade, as global markets rebounded for a second straight day on views the Omicron COVID-19 variant will not cause major economic damage.The Australian dollar was buying around 71.2 US cents, after it jumped by 1 per cent overnight.
The S&P 500 rose by 2.1 per cent to 4,687, and the Nasdaq Composite added 3 per cent to 15,687 points as investors piled onto beaten-down technology stocks. "The markets understand that a zero interest rate environment is not going to last forever, that the Fed is going to use a measured approach to raising rates and not just some dramatic balance upwards," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
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