Dow rises 646 points

 Markets shake off Omicron fears

U.S. markets surged on Monday as investors shook off concerns about the Omicron COVID-19 variant. The Dow Jones Industrial Average gained 646.95 points, or 1.87%, while the S&P 500 rose 1.17% and the Nasdaq Composite closed the day up 0.93% after all three indexes closed lower on Friday.

Travel and hospitality stocks helped to lead the rise amid positive sentiment surrounding virus fears as United Airlines, American Airlines, Carnival Cruise Line and Royal Caribbean all rose about 8%. Shares of Wynn resorts also gained 6.01%, while Marriott rose 4.48% and Hilton gained 4.01%. Meanwhile, Expedia stock gained 6.74% and Booking Holdings increased 5.34%.

Other stocks that would benefit from economic reopening, such as energy and industrials, also got a boost with Boeing gaining 3.72%, General Electric rising 3.54%, Caterpillar increasing 1.76% and Chevron climbing 1.59%. The market turnaround came after Dr. Anthony Fauci on Sunday indicated that infections from the Omicron variant may not be more severe than those caused by other variants.