Dow rises over 230 points, Nasdaq rallies nearly 2% Monday, as stock market recovers a portion of Friday’s omicron-led selloff


U.S. stock benchmarks on Monday staged a partial recovery from Friday’s omicron-related selloff to end higher, as President Joe Biden told Americans the fight against the omicron variant of coronavirus won’t involve “shutdowns or lockdowns.” The Dow Jones Industrial Average DJIA, +0.68% closed up 0.7% to 35,136, the S&P 500 index SPX, +1.32% ended with a 1.3% gain to 4,655, while the Nasdaq Composite Index COMP, +1.88% advanced 1.9% to 15,782; but large-capitalization stocks powered the rise of the index, with the Nasdaq-100 index NDX, +2.33% climbing 2.3%. All closing levels are on a preliminary basisd. In corporate news, Twitter Inc. TWTR, -2.74% co-founder Jack Dorsey on Monday announced that he was stepping down as CEO of the social-media platform effective immediately and would be succeeded by the company’s chief technology officer Parag Agrawal. Dorsey also is the CEO of payment processor Square Inc. SQ, +0.37%. Shares of Twitter ended down 2.7% while Square’s shares gained 0.4%. Dorsey is seen as a big fan of digital currencies such as bitcoin BTCUSD, +3.74%. In economic news, pending home sales rose 7.5% in October, compared with September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had projected a 0.7% increase for pending home sales in October.

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