(MENAFN- Baystreet.ca) Dow Triumphs as Investors Move out of Techs
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The Dow Jones Industrial Average jumped on Monday and the NASDAQ Composite lagged as investors looked past the emerging threat from the omicron COVID-19 variant, rotating out of high-priced technology shares and into names linked to the recovering economy.
The 30-stock index barrelled ahead 442.62 points, or 1.3%, first thing Monday to 35,022.70
The S&P 500 index regained 23.43 points to 4,561.86.
The NASDAQ fell, however, 34.52 points, to 15,050.95.
High-priced tech shares were lower, continuing a de-risking theme in markets. Nvidia was off by 4.5% while Tesla fell nearly 3%. Microsoft, Amazon and Alphabet were also lower.
Stocks linked to the reopening of the economy gained on Monday, boosting sentiment on the Dow. Boeing and Chevron shares were in the green.
United and Delta Airlines shares jumped about 5%. Carnival gained almost 3% and Wynn Resorts shares were up by about 2%.
Prices for 10-year Treasurys fell backward, raising yields to 1.38% from Friday's 1.36%. Treasury prices and yields move in opposite directions.
Oil prices surged $1.61 to $67.87 U.S. a barrel.
Gold prices dropped $3.90 to $1,780.00 U.S. an ounce.
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