S&P 500 bounces 1.3% from Friday’s rout after Biden says there’s no need for Covid omicron lockdowns; European stocks close higher as fears ease over omicron Covid variant; BT shares up 6% 
Stocks bounced on Monday, following Friday’s big sell-off, after President Joe Biden said economic lockdowns in response to the omicron Covid variant are currently off the table. 
The Dow Jones Industrial Average gained 236.6 points to 35,135.94. The S&P 500 added 1.3% to 4,655.27, and the tech-focused Nasdaq Composite rose 1.9% to 15,782.83. The small-cap benchmark Russell 2000, full of the most economically sensitive stocks, fell 0.2% to 2,241.98. 
Merck was the largest drag on the Dow, dropping 5.4%, after Citi downgraded the stock to neutral from buy, saying in a note to clients that development struggles for the company’s HIV drug were taking a bite out of Merck’s long-term potential. 
One stock that continued its Friday trend was Moderna. The vaccine maker’s stock was 11.8% higher on Monday after jumping 20% on Friday. 
Vaccine makers have announced measures to investigate omicron, with testing already underway. While it remains to be seen how omicron responds to current vaccines or whether new formulations are required, Moderna Chief Medical Officer Paul Burton said Sunday the vaccine maker could roll out a reformulated vaccine against omicron early next year. 

The pan-European Stoxx 600 provisionally closed up by 0.8% with oil and gas shares climbing 2.2% to lead the gains. Almost all sectors and major bourses traded in positive territory, with stocks looking to rebound from Friday’s sell-off. 
In terms of individual share price movement, BT climbed 6.1% after a report suggested that Indian oil-to-telecom conglomerate Reliance is considering an offer for the British company. 
At the bottom of the European blue chip index, French car parts group Faurecia fell 7.9% after cutting its full-year guidance. 
Source: CNBC, Investing.com