Given the uncertainty, the Dow Jones Industrial Average wavered between a loss of 3 points and a gain of 388 points through the day. It ended with a gain of 236.60 points, or 0.7%, at 35,135.94.
The most powerful lift for stocks came from those that have been able to grow strongly almost regardless of the economy’s strength or pandemic’s pall. Gains for five big tech-oriented stocks — Microsoft, Tesla, Apple, Amazon and Nvidia — alone accounted for more than one-third of the S&P 500′s rise. The gains for tech-oriented stocks also helped to drive the Nasdaq composite up a market-leading 1.9%.
Moderna jumped 11.8% for the biggest gain in the S&P 500, adding to an even bigger gain from Friday, after it said it’s testing the effectiveness of its vaccine against omicron. Its CEO said in a televised interview on ABC that it could take two to three months for a vaccine developed specifically for the variant to begin manufacturing.
Travel-related stocks started the day with gains but fell back as more caution filtered into the market and as travel restrictions around the world remained in force. They ended mixed after President Joe Biden said he wasn’t considering a widespread U.S. lockdown. He said the variant was a cause for concern and “not a cause for panic.” Delta Air Lines and American Airlines closed slightly lower, while cruise line operators Carnival and Norwegian Cruise Line notched gains.
All told, the S&P 500 rose 60.65 points to 4,655.27, while the Nasdaq added 291.18 points to 15,782.83. The Russell 2000 index of small companies was headed for its own rebound after climbing 1.6% in the early going, but its gains faded by late afternoon. The index slipped 3.96 points, or 0.2%, to 2,241.98.