The US stock market managed to rebound on closing (02/12), led by Dow Jones which rose 1.82%. Market participants continued making purchases of stocks that had fallen due to concerns about the Omicron variant. Meanwhile, weekly jobless claims data was reported at 222 thousand; or lower than the consensus estimate of 240 thousand.
Domestically, JCI was able to record a gain of 1.17%; led by the Industrial and Energy sectors. Optimism arose from early indications that the majority of the Omicron variant cases have no severe symptoms. Towards the end of the week, the benchmark index has the opportunity to continue strengthening with a projected range of movement at 6,550 – 6,650.
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