By Yasin Ebrahim

Investing.com – The S&P 500 climbed Monday, shrugging off lingering worries about the impact of the new Omicron Covid-19 variant as investors piled into beaten down tech stocks following a rout last week.

1.51 percent, or 282 point, rose, while the Nasdaq gained 2.2%.

Big tech led the broader market rebound, with Facebook (NASDAQ:), Google-parent Alphabet (NASDAQ:), Amazon (NASDAQ:), Microsoft  (NASDAQ:) and Apple (NASDAQ:) rising more than 1%.

Apple gained more than 2% as HSBC increased its price target to the stock. Supply chain issues which had weighed on production will likely wane.

Twitter (NYSE:) fell more than 1 percent after it announced the resignation of Jack Dorsey, its CEO. Parag Agrawal, Twitter’s chief technology officer, will succeed Dorsey. Stock initially rose in the media.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in a statement.

Investor sentiment was helped when vaccine companies indicated that they would adjust the Covid-19 vaccines to combat Omicron Covid.

Moderna (NASDAQ:) It said that it would launch Omicron vaccine reformulated by the end of next year. This sent its shares up more than 11%.

Experts in health have said that the Omicron variant’s severity and transmissibility would be discovered over a period of two to three months.

Also, consumer discretionary was among the largest sector gains of the day. This is due to the increase in Tesla as well a rebound in travel stocks like Expedia (NASDAQ:), Marriott International (NASDAQ:), and American Airlines (NASDAQ:).

Tesla (NASDAQ) rose more than 4 percent as Tesla looks to abandon its strategy of increasing deliveries in the last quarter of the year to cut costs.

Tesla chief executive Elon Musk told the company’s employees not to ramp-up deliveries in the third quarter, and focus on the keeping costs low, CNBC reported, citing a recent memo.  

Oil prices rose after Friday’s worst day of trading. This was due to fears that OPEC or its allies might delay production plans amid concerns about the effects on the demand for Covid-19, which is an omicron version of Covid-19.

“In our view, there is much to suggest that OPEC+ will not initially step up its oil production any further. This is presumably also why oil prices today have gained by around 5%,” Commerzbank said ahead of the OPEC+ meeting on Dec. 2.

Also, Roku (NASDAQ:), added to the losses recently, down 1%. However, Benchmark managed to buck the trend of Wall Street negative comments on the company and kept its Buy rating for the stock. 

“|[W]e have a markedly different view on some of the information being filtered into the marketplace,” Benchmark said, citing recent upbeat channel checks. “[O]Our channel checks show that Roku TVs are in greater demand at Best Buy (NYSE:) than we thought. We also believe that a Google-Roku solution could be possible, even in the event of a temporary blackout.