U.S. stock market opens higher Monday as investors looks 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 Dow gained 290 points, or nearly 1%, while the Nasdaq Composite rose 0.2%. The S&P 500 was higher by 0.6%.
High-priced tech shares were lower, continuing a de-risking theme in markets. Nvidia was off by 4.5% while Tesla fell nearly 3%.
Stocks linked to the reopening of the economy gained on Monday, boosting sentiment on the Dow. Boeing and Chevron shares were in the green.
Delta Airlines shares gained 2%. Carnival and Wynn Resorts shares were about about 1%. Cruise lines and travel booking stocks were higher too.
Bitcoin traded around $57,000 on Friday morning, but by Saturday had plunged to around $43,000. By Monday the world’s largest cryptocurrency had clawed back some of its losses, last trading at around $47,377.
Shares of Coinbase lost about 5%, while Square declined by more than 2%.
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