The stock market rose on Monday as investors brushed off concerns about the Covid omicron variant and instead focused on the economic recovery.
The market rebounded after last week's sell-off.
Richard Drew is an Associated Press photographer.
The S&P 500 gained 1.6%, while the Dow Jones Industrial Average rose 2%.
The stock market was volatile last week, when all three major indexes finished in the red, but rebounded strongly Monday.
After the first case of omicron was reported in the United States last week, markets took a hit, but have since recovered some of their losses.
United, American and Delta were the biggest gainers on Monday.
Norwegian Cruise Line, Royal Caribbean Group and Carnival all gained more than 10%, while Wynn Resorts gained 8%.
Big tech stocks continued to struggle as investors dumped shares.
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The Omicron variant has caused major volatility and uncertainty in December, but historically has been a great month for stocks. We are still optimistic that the new worries will go away over the coming weeks and that the stock market will finish the year on a positive note.
There's a problem.
Several major Wall Street banks initiated coverage of Rivian's stock on Monday, and shares of the electric vehicle maker rose nearly 7%. Rivian is predicted to become its next big competitor by analysts, who believe that it can challenge billionaire Musk'sTesla. Some firms argue that Rivian is changing the electric vehicle market while others argue that the stock has little room for error.
Surprising fact.
Moderna and Pfizer's shares fell on Monday as markets continued to await further updates on the omicron variant.
The key background is.
The new omicron variant has been identified in 17 states and over 40 countries. The new threat has been compounded by a steep surge in Covid cases across the United States. On November 26th, the World Health Organization labeled omicron a "variant of concern".
According to these major firms, Rivian can successfully challengeTesla.
Is the era of stay-at- home stocks over? Here is why the others have fallen.
Despite the second U.S. Omicron Case, the DOW rebounded over 600 points.
What Wall Street's Biggest Banks Predict for the Future.
