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US markets rallied; Intel rose 3% on Mobileye IPO plans; Vir Biotechnology soared 12% on COVID-19 antibody treatment.

  • The Nasdaq rose 3% to close Tuesday?s session at 15,687 points.
  • Intel jumped 3% on news of its majority-owned subsidiary, Mobileye, planning an IPO.
  • Vir Biotechnology soared 12% on its treatment showing effectiveness against Omicron.

The US markets continued to rally on Tuesday as investors remain optimistic that the Omicron variant of COVID-19 will have less impact on economic recovery than initially feared. Bank stocks, which have been see-sawing with Omicron related news, were the big winners on Tuesday.

The Dow Jones rose 1.4% to finish the trading day up 492 points to close at 35,719 points.

The tech heavy NASDAQ rose 3% to finish the trading day up 462 points to close at 15,687 points with Tesla and Apple gaining 4.24% and 3.54% respectively.

One bitcoin is worth US$50,417 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 71.18 US cents.

US-based multinational semiconductor and technology company Intel jumped 3% on Tuesday as investors grew excited at the possibility of Intel?s self-driving technology subsidiary, Mobileye, eyes off an IPO. Intel plans to maintain majority ownership of Mobileye and intends to offer investors a chance to buy shares in Mobileye directly via the IPO planned for mid-2022.

Shares in Vir Biotechnology soared 12% on Tuesday after Vir and its partner GlaxoSmithKline announced that their COVID-19 antibody treatment proved effective against the Omicron variant of COVID-19 in lab studies. The data from the early-stage studies showed the treatment is effective against all 37 identified mutations of the spike protein in the coronavirus.

And eBay is introducing a new 3D interactive sneaker viewer allowing sellers to ?scan? their shoes to create a 3D replica for shoppers to get the full view of the shoes they are looking to buy.