US mid-day: Dow up big after Friday sell-off
By Joseph Toppe
The Dow is up over 600 points on Monday after finishing last week with a loss amid rising fears of US Omicron cases.
Halfway through the session, the Dow Jones Industrial Average is 614 points higher, or 1.8%, while the Nasdaq Composite is up 0.3% and the S&P 500 is up 1%.
During trading on Friday, the Dow sank 60 points, after being down 300 points earlier in the session. The S&P closed 0.8% lower and the Nasdaq ended 1.9% down.
All the major averages recorded a losing week.
Winners and losers: Activist sends Kohl’s stock up
Shares of Evergrande sank almost 20% after a possible default on its dollar bonds was reported.
In other tech stocks, shares for Alphabet are 2.21% higher to 2,846.00.
Shares for Buzzfeed Inc. surged 40% after making its debut on Nasdaq through a special purpose acquisition company.
In retail stock, shares for Kohl’s are up 5.6% after an activist investor urged the store to sell the company.
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Oil: Crude prices spike in early trading
On Monday, futures contracts for the international oil benchmark Brent rose 2.9% to above $71.90 a barrel, with US futures for West Texas Intermediate crude up similarly to over $68 a barrel.
Gold: Metals start week lower
Gold futures are trading slightly lower on Monday.
The most active February gold contract was down $4.60, or 0.3%, at $1,779.30 an ounce, while March silver was off 22.6 cents, or 1%, to trade at $22.255 an ounce, after putting in a weekly loss of 2.7% on Friday.
Forex: US dollar makes small gain on Euro
On Monday, one US dollar equals 0.75 of the Pound sterling, 0.89 of the Euro, and holding steady at 1.28 of the Canadian dollar.
The yield on the benchmark 10-year Treasury note ticked up to 1.378% Monday from 1.342% Friday.