U.S. stocks and oil prices recouped some losses from Friday’s selloff, with investors betting the impact of the Omicron Covid-19 variant will be less profound than initially feared.
The S&P 500 gained 1% in morning trading Monday. The index suffered its worst one-day percentage decline since February on Friday after South Africa identified a fast-spreading strain of the coronavirus, which the World Health Organization has named Omicron. The tech-focused Nasdaq Composite Index rallied 1.6%, while the Dow Jones Industrial Average added about 120 points, or 0.4%.