U.S. stocks stage a comeback | Biden says no lockdowns yet | Cramer on the market bounce

The major averages rebound on Monday from Friday's massive sell-off.

VIEW IN BROWSER | SUBSCRIBE MON, NOV 29, 2021 EVENING BRIEF AS OF MON, NOV 29, 2021 • 04:45 ET DJIA 35135.94 +0.68% +236.60 S&P 500 4655.27 +1.32% +60.65 NASDAQ 15782.83 +1.88% +291.18   Most Active DOW NAME LAST CHG %CHG AAPL 160.24 +3.43 +2.19% MRK 74.89 -4.27 -5.39% INTC 50.00 +1.22 +2.50% S&P 500 NAME LAST CHG %CHG AAPL 160.24 +3.43 +2.19% PFE 52.40 -1.60 -2.96% TWTR 45.78 -1.29 -2.74% NASDAQ NAME LAST CHG %CHG AAPL 160.24 +3.43 +2.19% AMD 161.91 +7.10 +4.59% NVDA 333.76 +18.73 +5.95%   EDITOR'S NOTE The major averages rebounded on Monday from Friday's massive sell-off and what was the worst day for the Dow Jones Industrial Average since Oct. 28, 2020. Concerns about the new Covid omicron variant remain. However, President Joe Biden quelled fears when he said economic shutdowns are currently off the table.   "If people are vaccinated and wear their masks, there's no need for lockdowns," Biden said at a press conference on Monday. The president also said there would be no new travel restrictions.   On Monday, the Dow rebounded roughly 0.7%, and the S&P 500 popped 1.3%. The tech-heavy Nasdaq Composite rose nearly 1.9%. All three indexes lost more than 2% in Friday's session.   While short-term uncertainty around the variant remains, Truist gave clients evidence that stocks should be OK in the long-term, according to history.   Wall Street's fear gauge — the CBOE volatility index — retreated on Monday after a 10-point spike on Friday. Truist looked at the last 19 times since 1990 when the VIX surged more than 40% in a single day and found markets were higher 18 out of 19 times a year later, with an average gain of 20%.   "Evidence suggests selling on the type of fear seen on Friday has often been the wrong decision, at least longer term," said Keith Lerner, chief market strategist at Truist. "That does not imply stocks always rally immediately. In several of the short-term periods we reviewed, there were sharp drawdowns," said Lerner.   CNBC's Jim Cramer also touched on the short-term implications for stocks. He said he's concerned about buying the dip right now, as "silly sellers" could exacerbate the omicron sell-off. Maggie Fitzgerald | CNBC Markets Reporter @mkmfitzgerald Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 bounces 1.3% from Friday's rout after Biden says there's no need for Covid omicron lockdowns Biden says he doesn't expect more travel restrictions or lockdowns as Covid omicron variant spreads Twitter CTO Parag Agrawal will replace Jack Dorsey as CEO South African doctor who first spotted the Covid omicron variant says symptoms seem 'mild' so far Cramer reluctant to buy market bounce, says 'silly sellers' could hit stocks again soon Powell to tell Senate omicron variant poses downside risk to economy, complicates inflation picture CNN host Chris Cuomo used his media sources to find out info on brother Andrew's accusers, records show Congress hopes to avoid a government shutdown as Friday deadline approaches Bill Ackman says the Covid omicron variant could end up being bullish for markets Early holiday retail stock winners post-Black Friday, according to analysts   TOP VIDEO Here's why small caps were crushed during Friday's sell off   CNBC PRO Fundstrat's Tom Lee, among the first to call the market's 2020 rebound, says he would be an aggressive buyer here   SPECIAL REPORTS Here are 5 changes student loan borrowers could see in 2022 Medicare open enrollment ends Dec. 7. Here's why you should review your 2022 coverage if you haven't already   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS Watch our live stream for all you need to know to invest smarter.