Stocks of companies driven by economic recovery — including airlines, cruises and casinos — led the stock market rally on Monday, with the Dow jumping more than 2% as investors brushed off growing concerns about the Covid-19 pandemic. .
The Dow Jones Industrial Average rose more than 750 points to 2.2%, while the S&P 500 gained 1.6% and the Nasdaq Composite 1.2%.
Shares jumped strongly on Monday from last week’s sell-off, when all three major indices rose in the red and the stock market on the back of the new Covid Omron variant.
While markets rallied after Omicron’s first case was reported in the United States last Wednesday, stocks have eased some recent losses as investors piled into stocks of companies that are struggling to reopen the economy. are benefitted.
Airline stocks were among the top gainers on Monday, with United up 11.5%, American up 11% and Delta up 9%.
Shares of major cruise lines and casino operators also rose: Norwegian Cruise Line, Royal Caribbean Group and Carnival all jumped more than 10%, while Wynn Resorts gained nearly 8%.
Large tech stocks—many of which remain at relatively high valuations—continued to struggle, meanwhile, adding to losses from last week as investors left stocks.