U.S. stocks ended higher on Monday as some Wall Street investors capitalized on a traditionally low-volume but booming week, sending the S&P 500 to another record.
The S&P 500 was up 65.40 points, or 1.4%, at 4791.19, its 69th record in 2021. The technology-focused Nasdaq Composite gained 217.89 points, or 1.4%, to 15871.26, up 15871.26. Or 1%, 36302.38.
The last five trading days of the year and the first two trading days of the new year include the “Santa Claus Rally” in the trade story, as described in the “Stock Trader’s Almanac”. This is not a big rally, adding about 1.3% on average, but it is stable, showing about 80% of the time.
Jason Bright, chief investment officer at Private Wealth, said the holiday boosts sentiment with the growing perception that the risks of the Govt-19’s omigron variant may not be as severe as initially feared. Property Management Company Glenmede. “I think the market is paying attention to what the previous risk was,” he said.
Markets have plummeted in recent weeks due to concerns Rapid propagation of the Omigron variant Countries taking various measures to prevent its spread will harm the economy. Some investors now expect Omicron to be Reduced by the release of vaccines and booster shots In some countries.
“Everything seems serious, but manageable. Anything that changes it can have a huge impact,” said Luca Paulini, chief strategist at Pictet Asset Management.
Market movements can be amplified during the holidays due to lack of cash flow, or how easily buyers and sellers can find each other. While many traders are disabled, the prices that people want to buy and sell may be higher or lower because there are fewer opposing parties.
“We are in the business range this Christmas, but low cash flow makes any potential shock bigger,” Mr. Paolini added.
However some companies are still affected by the epidemic. Flight cancellation Distorted Christmas weekend For many travelers, the Covit-19 carriers left fewer staff to run the busy schedule during the holidays.
0.7% down to $ 44.58 and up
Was down 0.5% to $ 18.17.
The stock rose 8.4% to $ 82.35 after The Wall Street Journal reported that aspiring investor Starford was valued. Substantial role in the domain registrar And plans to push it to increase its efficiency.
Meanwhile, investors kept an eye out
The stock is waiting to see if the company’s market capitalization will reach $ 3 trillion. The stock rose 2.3% to $ 180.33, down from $ 182.856, which would have to be priced to reach $ 3 trillion in market capitalization.
Would be the first company in history to have such a rich rating.
These profits gave impetus to the technology sector. Other technical winners are included
$ 342.45, up 2.3%
$ 309.45, up 4.4%
1.8% to $ 63.42.
Electric vehicle manufacturer
The stock traded 2.5% higher at $ 1,093.94.
In currencies, the Turkish lira fell 7.3% against the dollar. The lira, one of the worst-performing emerging market currencies of the year, recovered some losses after the country’s presidency last week. Announced the recovery plan To encourage the Turks to put their money back into the lira. Foreign investors are waiting to see if the plan marks a major reversal in its weakness or whether widespread concerns about high inflation will cause it to depreciate again.
In the securities market, the yield of the benchmark 10-year treasury note fell to 1.480% from 1.492% on Thursday. Yields and prices move in the opposite direction.
Commodity prices were generally higher in 2022 than expected from a strong economy. US crude oil futures rose 2.4% to $ 75.57. Wood added 4.1% and The future of soybeans Increased by 2.3%. Natural gas prices have risen After forecasts of 8.8% cold weather in the U.S., this will trigger the need to heat up fuel.
Overseas, Pan-Continental Stocks Europe 600 rose 0.6%. Markets closed in the UK.
In Asia, China’s Shanghai joint venture fell nearly 0.1%. South Korea’s Kospi and Japan’s Nikkei 225 fell 0.4% each. Markets closed in Hong Kong and Australia.
Write to Caitlin Ostroff at [email protected] and Paul Vigna at [email protected]
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