(MENAFN- Baystreet.ca) Techs lifts Wall Street
Stocks rebounded on Monday following a major sell-off to end last week spurred by concerns about the Covid omicron variant.
The Dow Jones Industrial Average gained 50 points.
The tech-focused Nasdaq Composite gained 195 points.
The S&P was up 0.7%.
Morderna (MRNA) shares surged 10.2% as the drugmaker insisted it could develop a new vaccine capable of combating the new Omicron variant early in the new year.
Pfizer (PFE), meanwhile, may hit a fresh record high after CEO Albert Bourla confirmed the group's plan to boost production if its Covid antiviral pill in order to combat the impact of the Omicron variant.
The global oil benchmark Brent was up 2.3% at $74.46 per barrel.
Spot gold rose 0.2% to $1,794.87 per ounce.
Treasury bond yields, which jumped Friday as investors were gunning for safety, reversed course and rose as prices fell. The 10-year US government bond yielded 1.52% around mid-morning.
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