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Nasdaq jumps 2% as tech stocks lead rebound from Omicron virus fears

Nasdaq jumps 2% as tech stocks lead rebound from Omicron virus fears
Xinhua/Wang Ying/Getty Images

Tech stocks led the market higher on Monday as investors continue to assess the threat of the Omicron COVID-19 variant.



Pfizer and Moderna said they were testing the effectiveness of current vaccines against the variant.



West Texas Intermediate crude oil jumped as much as 6.74% to $72.74 per barrel.

US stocks surged on Monday, with the Nasdaq 100 up nearly 2%, as investors recovered most of the losses seen during last Friday's shortened holiday trading session.The 2% slide in stocks on Friday was sparked by the identification of a new COVID-19 variant, Omicron, which is thought to be more contagious than prior virus mutations like Delta.A But investors reassessed the risks on Monday after Moderna and Pfizer said they are testing the effectiveness of their current vaccines against the new strain, as well as new vaccines specifically targeting the Omicron variant. If needed, new vaccine formulations could be ready by early 2022, according to Moderna.Here's where US indexes stood at the 4:00 p.m. ET close on Monday:
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