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Dow Jones Jumps As Stock Market Rebounds From Friday Dive
S&P 500 bounces 1.3% from Friday’s rout after Biden says there’s no need for Covid omicron lockdowns.

Stocks rallied back midday Mondaywith the Dow Jones Industrial Average up more than 300 points after paring bigger early gains.

President Joe Biden said economic lockdowns in response to the omicron Covid variant are currently off the table.

If people are vaccinated and wear their maskstheres no need for lockdowns,” Biden said at a press conference MondayBiden also said there would be no new travel restrictions.

Stocks were coming off a holiday-shortened session Friday in which the dow posted its worst day since October 2020. The Dow dropped 905 points or 2.5 percent. The S&P 500 tumbled 2.3 per cent and the Nasdaq Composite slipped 2,2 per cent.

Dow Jones

Image: Investopedia.com

The Dow Jones Industrial Average gained 236.6 points to 35,135.94. The S&P 500 added 1.3 percent to 4655.27, and the techfocused Nasdaq Composite rose 1.9to 15,782.83. The small-cap benchmark Russel 2000, full of its most economically sensitive, fell 0.2 per cent to 2,241.98.

Electric vehicle Tesla (TSLA) rallied 5.1% Monday. EV peer Rivian (RIVN) surged nearly (RIVN) surged nearly 7 percent, while Lucid Motors (LCID) gains 6.65 percent. Chinese EV leader Li Auto (LI) bolted higher after delivering earnings, while Xpeng Motors (XPEV) edged higher,

Dow Jones futures dived 450 points early Tuesdayas Moderna chief Stephane Bancel predicted existing vaccines will be less effective for the Omicron variantThe stock market bounced after Friday’s omicron Covid19 selloffas President Joe Biden ruled out new lockdownsElectricvehicle stocks Li AutoLucid MotorsRivianand Tesla raced higher Monday.

Early TuesdayModerna (MRNACEO Stephane Bancel said he expects existing vaccines to be less effective against the new omicron variantin an interview with the Financial Times.

While it is too early to have definitive dataearly reported data suggest that the Omicron virus causes ‘mild to moderate symptoms (less severityand is more transmissible,” Bill Ackman of Pershing Square Capital Management tweeted Sunday evening. “If this turns out to be true, this is bullish, not bearish for markets.” 

Covid Stocks

Moderna (MRNAvaulted more than 10in heavy trade to its highest level in nearly two monthsMRNA stock soared 20.1on Friday for its first close above the 50-day line since Sept. 27. Biotech’s shares are about 28% off their 52-week high.

But Pfizer (PFEreversed slightly lower after erasing a 2gainOn Fridayit soared 6to break out past a 51.96 buy point of a cup base.

Shares remain in the buy range, which tops out at 54.56. Pfizer’s 98 composite Ratings lead IBD’s 30 stock ethical drug groupPfizer was featured Friday as the IBD Stock Of The Day.
Pfizer’s
 Covid vaccine partnerBioNTech (BNTX), leaped more than 5early Monday before halvingthen recovering most of its gainsOn Fridaythe German biotech gapped up and soared 14%.

Growth Stocks

Li Auto (LIsurged more than 7in fast turnover to a four-month high. Shares cleared a 34.94 buy point of a cup with a handle early Monday. Before slipping slightly below the entry. The buy zone goes to 36.68. Ahead of the openthe China-based electric SUV maker reported strong sales results.

Among U.SEV stocksTesla (TSLArallied nearly 5Mondayon track for a rebound after Friday’s 3dropTSLA stock remains sharply above a 764.55 buy point in a cup with handleas well as earlier entries at 700.10 and 730The chart also showed an alternate entry at 900.50.

Twitter (TWTRjumped 5in huge volume amid reports that co-founder and CEO Jack Dorsey may be planning to step down. It’s unclear when and why or who could replace him. Dorsey is also CEO of payments company Square (SQ).

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