Shares of Tesla (NASDAQ: TSLA) rose sharply on Monday. The growth stock's sharp gain was likely due to reports over the weekend that Tesla is set to begin production at its new factory in Germany by next month. On an overall bullish Monday for stocks, the S&P 500 was up nearly 1% as of this writing, and the Nasdaq Composite was up about 1.3%.
Bargain buying in technology stocks drove Wall Street higher on Monday following a slump related to Omicron, while the Dow Jones lagged its peers as major banks fell and investors awaited more information on the new coronavirus variant. The S&P technology subindex jumped 2.1%, indicating that investors were likely favoring pandemic-resistant technology stocks amid growing fears of Omicron.
Gains in heavyweight technology stocks drove Wall Street indexes higher on Monday as investors rushed to take advantage of steep virus-driven losses, with Twitter up on reports that chief Jack Dorsey is expected to step down. The S&P technology and the communication services subindexes jumped more than 1% each, indicating that investors were likely favoring pandemic-resistant technology stocks amid growing fears of the newly discovered Omicron variant. Twitter Inc surged as much as 11% after reports said Dorsey intended to step down.