IANS/Wang Ying
Tech stocks led the market higher on Monday as investors continued to assess the threat of the Omicron COVID-19 variant.
Pfizer and Moderna are testing the effectiveness of current vaccines.
The price of West Texas Intermediate crude oil went up as much as 6.74%.
The US stock market surged on Monday, with the Nasdaq 100 up 2%, as investors recovered most of their losses from last Friday's shortened holiday trading session.
The 2% slide in stocks on Friday was caused by the identification of a new variant of the COVID-19 virus, Omicron, which is thought to be more contagious than previous versions.
Moderna and Pfizer said they are testing the effectiveness of their current vaccines against the new strain, as well as new vaccines specifically targeting the Omicron variant. Moderna says that new vaccine formulas could be ready by early 2022, if needed.
The US indexes stood at 4:00 pm. The close is Monday.
Oil prices rebounded sharply in Monday trades after Friday's plunge, as early reports suggested that only mild symptoms from the Omicron variant alleviated concerns of potential country lockdowns. It is thought that oil prices could hit $150 per barrel.
Bill Ackman thinks that if Omicron symptoms are mild, it would be bullish for stocks and bearish for bonds.
Moderna's shares jumped 10% on Monday and continued to rise on Tuesday as the drugmaker revealed its vaccine plans for the Omicron variant. The 45% loss was caused by the surge that helped stem it.
Jack Dorsey, the CEO of the company, said he would step down immediately. He will step down from the board early next year. The shares of the company fell more than 2%.
The movie theater chain said it would give 86,000 NFTs to early ticket buyers of the upcoming Spider-Man movie.
The price of West Texas Intermediate crude oil went up as much as 6.74%. The price of oil's international benchmark rose as much as 5.65%.
The price of gold rose as much as 0.13%.
Business Insider has an original article.
