The United States stock market has recovered after reports revealed that the Omicron Covid variant has mild effects on the patients.
The United States stock market has recovered from last week’s shock following the discovery of the Omicron Coronavirus variant. Stocks and exchange-traded funds have been rallying since the market opened a few hours ago.
The US stock market is slowly recovering from the losses experienced towards the end of last week. The losses were caused by the panic following the discovery of the Omicron Coronavirus variant in South Africa.
However, the latest reports have indicated that the effects of the Covid variant are mild. Hence, returning the investors’ confidence in the market. The Invesco QQQ Trust Series 1 has been rallying over the past few hours and could surge higher before the end of the day.
The Invesco QQQ Trust Series 1 is an exchange-traded fund that tracks the NASDAQ-100 Index. The Index includes the 100 largest non-financial companies listed on the NASDAQ based on market cap. The fund gives investors access to NASDAQ’s 100 largest non-financial companies in a single investment.
The ETF has been around for more than two decades and has billions of dollars in assets under management. QQQ is currently the second most traded ETF in the United States based on the average daily volume traded.
QQQ is one of the best-performing ETFs so far in 2021. Since the start of the year, QQQ has added more than 27% to its value. At press time, QQQ is trading at $399.81 per share, up by more than 2% over the past 24 hours.
The ETF has a beta of 1.02, making it medium risked fund in the space. Over the past 12 months, QQQ has traded between $294.78 and $408.71. QQQ’s MACD line is above the neutral zone, while its RSI of 61 shows that the fund is currently bullish.
QQQ is currently trading above its 50-day moving average at $379, with the fund expected to rally higher in the coming hours and days. If the current momentum is maintained, QQQ could reach the $420 level before the end of the year.
Hassan is a Nigerian-based financial Journalist and cryptocurrency investor.