Stocks closed solidly higher on Wall Street Monday, aided by a broad rally that includes travel-related companies that stand to benefit from more reopening of the economy. The S&P 500 rose 1.2%, making up nearly all the ground lost last week. Technology companies and banks accounted for a big slice of the gains. The Dow Jones Industrial Average rose 1.9%. Traders were encouraged to see that Dr. Anthony Fauci, the White House’s chief medical adviser, said early indications suggested that the new omicron variant of the COVID-19 virus may be less dangerous than the delta variant. The S&P 500 rose 53.24 points to 4,591.67. The Dow Jones Industrial Average rose 646.95 points to 35,227.03.The Nasdaq rose 139.68 points, or 0.9%, to 15,225.15.
Airlines, cruise operators, and a wide range of travel-related companies made solid gains, the AP reports. Norwegian Cruise Line vaulted 9.5% for the biggest gain in the S&P 500. Rivals Carnival and Royal Caribbean jumped 8.1% and 8.2%, respectively. Delta Air Lines climbed 6%, while United Airlines gained 8.3%. Expedia Group rose 6.7%. The travel industry has been under pressure over concerns about the latest coronavirus variant and the potential for it to crimp economic activity in the midst of the busy holiday season. Shares of vaccine makers Moderna, Pfizer, and BioNTech all fell.
A mix of corporate news helped send several stocks higher. Del Taco Restaurants surged 66.2% on news it is being bought by Jack in the Box. Department store operator Kohl's rose 5.9% after activist investor Engine Capital LP pushed for a sale or spin off. BuzzFeed fell 8.9% in its market debut after the digital media company went public through a merger with a special purpose acquisition company. Investors will get more economic data this week that could help give them a clearer picture of the economy. The Labor Department will release its job openings and labor turnover survey for October on Wednesday, along with its weekly unemployment benefits report on Thursday. Wall Street will get another update on inflation when the Labor Department releases the Consumer Price Index for November on Friday.
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