US stocks close higher as oil prices surge, Omicron worries ebb

Benchmark US indices closed higher on Monday, November 29, after the major stock segments saw gains amid soaring oil prices and fading concerns around the Omicron variant of Covid-19.

The S&P 500 climbed 1.32% to 4,655.12. The Dow Jones was up 0.68% to 35,135.55. The NASDAQ Composite rose 1.88% to 15,782.83, and the small-cap Russell 2000 fell 0.24% to 2,240.51.

Investors seemed less worried about the Omicron threat as the stock and oil prices surged. However, on Friday, markets reacted with caution as the news of a new variant emerged from South Africa.

As markets waited with bated breath about the virus’s transmissibility, President Joe Biden announced on Monday that it was not a “cause for panic”. Meanwhile, Israel and Japan said they are temporarily banning foreign travellers from entering the country.

Healthcare and technology stocks were the biggest gainers on Monday.

All the 11 stock segments of the S&P 500 index closed in positive territory. Technology, consumer discretionary, and real estate stocks were among the top gainers. Industrials, financials, and consumer staple stocks also saw notable gains.

Stocks of Moderna, Inc. (MRNA) rose more than 11%, BioNTech SE (BNTX) surged 3.59%, and Pfizer Inc. (PFE) fell 1.56% at 2:57 pm ET.

The Delta Air Lines, Inc. (DAL) stock was down 0.46%, and the American Airlines Group Inc. (AAL) stock was down 0.42% after rallying early in the day.

Twitter, Inc. (TWTR) stock fell 1.55% at 2:51 pm ET after Jack Dorsey’s resignation as the CEO. The social media company has appointed Parag Agrawal as the new CEO with immediate effect.

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In the technology sector, Apple Inc. (AAPL) gained 2.51%, Adobe Inc. (ADBE) rose 4.29%, and Fortinet Inc. (FTNT) rose 5.18%. Microsoft Corp. (MSFT) grew 2.39%, and Nvidia Corp (NVDA) rose 4.91%.

In the consumer discretionary sector, Amazon.com Inc. (AMZN) grew 2.14%, Tesla Inc. (TSLA) rose 4.28%, and Home Depot (HD) increased 1.16%. Expedia Group Inc. (EXPE) and Under Armour Inc. (UAA) rose 4.32% and 2.50%, respectively.

Also, the global cryptocurrency market was up 5.61% as Bitcoin jumped 5.82% to US$57,951.35 at 3:08 pm ET.

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All the 11 stock segments of the S&P 500 index closed in a positive territory on Monday.

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Technology, consumer discretionary, and real estate were among the top gainers on the S&P 500 index.

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Futures & Commodities

Gold futures declined 0.16% to US$1,785.25 per ounce. Silver futures increased by 0.17% to US$23.175 per ounce, while copper climbed 1.35% to US$4.3490.

Brent oil futures surged by 1.49% to US$72.66 per barrel and WTI crude futures were up 2.07% to US$69.56.

Bond Market

The 30-year Treasury bond yields increased 2.38% to 1.874, while the 10-year bond yields were up 2.42% to 1.521.

US Dollar Futures Index increased by 0.19% to US$96.282.

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