Tech Shares Save Wall Street from Omicron Dilemma

Bargain buying in technology stocks has driven Wall Street higher on Monday following a collapse related to Omicron strain, while the Dow Jones lagged its peers as major banks fell and investors awaited more information on the new coronavirus variant.

The S&P technology subindex jumped 2.1%, indicating that investors were likely favoring pandemic-resistant technology stocks amid growing fears of Omicron.

Gains in Amazon.com and Tesla also drove the S&P consumer discretionary sector 1.7% higher, with investors viewing Friday’s losses as a cue for bargain hunting into high-value tech names.

Wall Street indexes had slumped between 2.0% and 3.5% on Friday following news of the Omicron variant.

The Dow Jones Industrial Average was up 136.63 points, or 0.39%, at 35,035.97 and the S&P 500 was up 50.66 points, or 1.10%, at 4,645.28. The Nasdaq Composite was up 232.46 points, or 1.50%, at 15,724.11.