Airlines, cruise lines decline
Trading is expected to be quiet, but potentially volatile, this week as the Omicron coronavirus variant continues to spread quickly throughout the U.S. and overseas. However most big investors have closed out their positions for 2021 and are like to hold their ground until next week.
Technology companies led the gains Monday. Nvidia climbed 4.4 percent, while Apple and Microsoft each rose 2.3 percent.
The price of U.S. crude oil rose 2.4 percent, continuing its climb this month. That helped boost energy stocks. Devon Energy rose 6.1 percent and Diamondback Energy rose 4.9 percent.
Health care and financial stocks also helped lift the market. Abbott Laboratories rose 1.7 percent and Morgan Stanley rose 1.1 percent.
Hundreds of flights were canceled in the U.S. over the holiday weekend, with airlines reporting COVID-related staffing problems. France reported more than 100,000 new cases in a daily record.
Airline stocks closed lower. Delta Air Lines fell 0.8 percent and United Airlines slipped 0.6 percent.
Shares in cruise line operators also fell. Norwegian Cruise Line slid 2.6 percent for one of the biggest declines in the S&P 500. Carnival dropped 1.2 percent and Royal Caribbean fell 1.3 percent.
Authorities in many countries have doubled down on vaccination efforts as Omicron outbreaks complicate efforts stave off fresh lockdowns while hospitals are still under strain from delta variant infections.
Bond yields were mixed. The yield on the 10-year Treasury slipped to 1.48 percent from 1.49 percent on Thursday.
Asian and European markets were either closed or mostly higher on Monday. London and Hong Kong were closed, while Japan’s stock market closed slightly higher.
In other international developments, the Turkish lira fell another 5 percent against the dollar.
The currency has tumbled sharply this year as the Turkish government has tried to invigorate its economy despite high inflation.
The government announced a plan last week that would encourage Turks to put their money back into lira bank accounts to prop up the currency.