The Dow led Wall Street shares higher on Monday, as economy-linked banks and energy stocks charged back and fear about the Omicron variant eased, even as investors braced for another roller-coaster ride like last week's.
"If today's strength in the blue-chips can sort of sustain itself, that might give the rest of the market the ability to start to feel confident," said Robert Pavlik, senior portfolio manager at Dakota Wealth Management.
Wall Street's major indexes swung wildly last week as investors digested news of the COVID-19 Omicron variant and Federal Reserve Chair Jerome Powell's hawkish comments about a speedier taper to tackle surging inflation.A trader works on the floor of the New York Stock Exchange in New York City, U.S., December 2, 2021.
Goldman Sachs on Saturday cut its outlook for U.S. economic growth to 3.8% for 2022, citing risks and uncertainty around the emergence of Omicron. Investors also braced for a potential hit to corporate earnings, particularly among retailers, restaurants and travel companies.
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