Stocks rally for a second day, Nasdaq jumps 3% as investors reassess omicron risk; European markets close sharply higher as omicron fears recede; Stoxx 600 up 2.5% 
Stocks jumped for a second day, continuing their rebound from a recent rough patch, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant. 
The Dow Jones Industrial Average rose 518 points, or 1.4%. The S&P 500 added 2% and sat about 1% away from its all-time high. The tech-heavy Nasdaq Composite led the market rally, jumping 2.9%. 
The pan-European Stoxx 600 ended the day up 2.5%, with tech stocks rallying 5.6% to lead gains as all sectors and major bourses traded firmly in positive territory. 
Apple shares rose 2.8% as well after a call from Morgan Stanley, which maintained its overweight rating on the stock but heightened its price target on it to $200, citing the company’s commitment to developing augmented and virtual reality technology. 
British drugmaker GlaxoSmithKline gave investors a confidence boost too after it said Monday that its monoclonal antibodies treatment is effective against all strains of the omicron variant, based on new data. Its shares rose 1%. 
Elsewhere, Tesla shares gained more than 4% despite news that the company had to replace cameras in three of its models. UBS said the electric carmaker will be the dominant force in the industry and raised its price target. 

In terms of individual share price movement, Volkswagen and Porsche shares jumped after a Handelsblatt report said the Porsche and Piech families were considering selling part of their VW stake to buy a substantial number of Porsche shares. Volkswagen surged 8.6% while Porsche rose 8.5%. 
Toward the bottom of the index, AstraZeneca slipped 1.7% lower after Jefferies downgraded the British pharmaceutical company’s stock to “hold” from “buy.” 
Source: CNBC, Investing.com