Stocks slightly higher as traders return from vacation

Shares were modestly higher on Monday in muted trading after the Christmas break, helped by major tech companies like Apple and Nvidia.

Trading is expected to be calm, but potentially volatile, this week as the ommicron coronavirus variant continues to spread rapidly in the US and abroad. However, most major investors have closed their positions for 2021 and want to hold out until next week.

The S&P 500 index rose 0.9% as of 11 a.m. Eastern. The Dow Jones Industrial Average rose 0.6% and the tech-heavy Nasdaq rose 1.1%.

The S&P is on track to close the year at nearly 27%, an excellent year for the stock market.

Last week, the S&P 500 set another all-time high as fears over the possible impact of omicron outbreaks eased. However, much remains uncertain about the variant, which is spreading extremely quickly and leading in some places to a return to pandemic restrictions.

Hundreds of flights were canceled over the U.S. holiday weekend, with airlines reporting COVID-related staffing issues. France reported more than 100,000 new cases in a daily record.

Airline shares fell in the news, with Delta Air Lines, United Airlines and American Airlines all falling more than 2% in early trading.

Authorities in many countries have redoubled their vaccination efforts as ommicron outbreaks complicate efforts to prevent new lockdowns, while hospitals remain under pressure from delta variant infections.

Asian and European stocks were closed or largely higher on Monday. London and Hong Kong were closed, while the Japanese stock market closed slightly higher.

In other international developments, the Turkish lira fell another 5% against the dollar. The currency has fallen sharply this year as the Turkish government has tried to stimulate its economy despite chronically high inflation. The government last week announced a plan that would encourage Turks to deposit their money back into lira bank accounts to support the currency.