Techs lifts Wall Street

Stocks bounced back on Monday, following Friday’s big sell-off, after U.S President Joe Biden said that there is no need for Covid omicron lockdowns.

The Dow Jones Industrial Average gained 236.6 points to 35,135.94. The S&P 500 added 1.3% to 4,655.27, and the tech-focused Nasdaq Composite rose 1.9% to 15,782.83. The small-cap benchmark Russell 2000, full of the most economically sensitive stocks, fell 0.2% to 2,241.98.

Morderna (MRNA) shares surged 11.8% as the drugmaker insisted it could develop a new vaccine capable of combating the new Omicron variant early in the new year.

Twitter (TWTR) shares finished down 2.8% following the resignation of co-founder Jack Dorsey as CEO of the micro-blogging website.

Dorsey will remain on the board until at least 2022, the company said, with Bret Taylor becoming independent chairman. Chief technology officer Parag Agrawal was named as his replacement.

US oil prices settled up 2.6%, or nearly $2, at $69.95 per barrel

Spot gold dipped 0.58% to $1,784.82 per ounce.

Treasury bond yields, which fell Friday as investors were gunning for safety, reversed course and rose Monday. The 10-year US government bond yielded 1.52%.

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