(MENAFN- Baystreet.ca) Investors Look Past Omicron Threat, Send Dow up 600+
Stocks rallied to start to the week Monday, with the Dow Jones Industrials erasing their losses from the previous weeks, as investors shook off fears around the emerging threat of the omicron variant of COVID-19.
The 30-stock index screamed higher 646.95 points, or 1.9%, to conclude a triumphant Monday at 35,227.03
The S&P 500 index sprang 53.24 points, or 1.2%, to 4,591.67.
The NASDAQ leaped 139.68 points at 15,225.15.
Still, among key NASDAQ components, Moderna, the biggest decliner in the index, fell 15%. AMD was off by 4%, and Nvidia ditched 3% and Peloton was down 4%. Tesla also fell, by about 2%.
Stocks linked to the reopening of the economy gained, boosting sentiment on the Dow. General Electric and Boeing each gained 3%. Chevron and Caterpillar added more than 1%.
Leisure and hospitality stocks saw the biggest advances. United Airlines jumped 8% and American rose 7%. Major cruise lines gained between 10% and 11%. Shares of Wynn Resorts climbed 8% while Marriott and Hilton rose 4% and 3%, respectively. Travel booking stock Expedia added nearly 8%, and Booking Holdings rose 6%.
Microstrategy fell 5% Monday and shares of Block, recently renamed from Square, fell more than 1%. Coinbase shares were lower too, although they reclaimed deeper declines from earlier in the day.
Prices for 10-year Treasurys fell sharply backward, raising yields to 1.44% from Friday's 1.36%. Treasury prices and yields move in opposite directions.
Oil prices jumped $3.61 to $69.87 U.S. a barrel.
Gold prices fell $4.20 to $1,779.70 U.S. an ounce.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.