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The stock market opened higher on Monday – rebounding from its biggest sell-off of the year on Friday – as investors bought the dip and reevaluated the potential impact of the Covid Omicron variant on the markets.

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The Dow Jones Industrial Average rose 0.4%, while the S&P 500 jumped 1% and the Nasdaq Composite gained 1.4%.

Stocks are rebounding from Friday’s holiday-shortening session, which was the market’s worst day since October 2020: The Dow slipped more than 900 points, up nearly 2.5%, while the S&P 500 and Nasdaq both fell more than 2.2%.

Friday’s sell-off comes after the World Health Organization labeled the Covid omicron strain – first reported in South Africa and now emerging in other countries around the world – as “a type of concern”.

While that news shook investors last week, the stocks that were hit hardest by the sell-off are rebounding in a big way on Monday, namely travel stocks like cruise lines and airlines.

Shares of vaccine makers, which jumped Friday amid Omicron news, continued to rise on Monday as Moderna’s stock gained nearly 10%, Pfizer’s nearly 2% and BioNtech’s nearly 3%.

Retailers also rose on the back of the Black Friday shopping holiday, with shares of TJX Companies, Gap and Home Depot posting modest gains on Monday.

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