The Dow Jones Industrial Average jumped on Monday and the NASDAQ lagged as investors looked past the emerging threat from the omicron COVID-19 variant, rotating out of high-priced technology shares and into names linked to the recovering economy.
The 30-stock index barrelled ahead 608.99 points, or 1.8%, to break for lunch Monday at 35,189.07
The S&P 500 index gained 40.83 points to 4,579.33.
The NASDAQ reversed course and moved 21.93 points into the green at 15,107.40.
High-priced tech shares were lower, continuing a de-risking theme in markets. Nvidia was off by 5% while Tesla fell 2%. Microsoft and Alphabet were also lower.
The NASDAQ had struggled at first, hovering around the flatline, thanks in large part to declines in Nvidia, Tesla, Moderna and AMD shares. Those stocks had the biggest negative points impact on the tech-heavy benchmark.
United and Delta Airlines shares jumped about 5%. Carnival gained almost 3% and Wynn Resorts shares were up by about 2%.
Prices for 10-year Treasurys fell backward, raising yields to 1.39% from Friday’s 1.36%. Treasury prices and yields move in opposite directions.
Oil prices surged $1.81 to $68.07 U.S. a barrel.
Gold prices dropped $1.40 to $1,782.90 U.S. an ounce.