The U.S. stock market rose sharply on Tuesday, as the S&P 500 and oil prices rose on hopes that Omicron would prove less damaging to the economy than feared.

The benchmark stock index gained 2.1% as of the 4 p.m. close of trading in New York, building on Monday’s gains and recouping all its losses from last week. The tech-focused Nasdaq Composite Index jumped 3%, while the Dow Jones Industrial Average rose 492 points, or 1.4%.