The S&P 500 hit a record high on Tuesday as conviction in the U.S. economy helped investors shrug off concerns over Omicron-driven travel disruptions and store closures, following a four-day rally for U.S. stocks amid thin trading volumes.
Markets are in one of the seasonally strong periods, also called the Santa Claus rally, with CFRA Research data showing the S&P 500 has on average risen 1.3% in the last five trading days of the year, and first two days of the new year since 1969.
"You cannot take much away from the action in the day and will have to really wait and see once we get into the new year how things are going to trade," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.49-to-1 ratio on the Nasdaq.
The S&P index recorded 71 new 52-week highs and no new low, while the Nasdaq recorded 94 new highs and 130 new lows.Reporting by Medha Singh and Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V and Maju SamuelSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P 500 closes at record, Dow adds 350 points as investors look for Santa rallyU.S. stock indexes rose Monday as markets reopened after the Christmas holiday and investors assessed the spread of the omicron variant. The Dow was up 0.98%. The S&P 500 and the Nasdaq both gained 1.39%.
Read more »
S&P 500 Index: Three boosters for the Santa Rally to backfire once the festive season concludesThe S&P 500 has hit new all-time highs amid optimism about Omicron. There are three major drivers for the upbeat mood, but they could easily reverse a
Read more »
US T-bond yields ease from two-week top, S&P 500 Futures defend 4,700 as Omicron, holidays play their rolesUS T-bond yields ease from two-week top, S&P 500 Futures defend 4,700 as Omicron, holidays play their roles By anilpanchal7 RiskAppetite Bonds YieldCurve Equities Coronavirus
Read more »
With 68 record highs, 2021 was a year of superlatives on the S&P 500In a year marked by a waning pandemic, new COVID variants, supply chain disruptions and a fits-and-starts U.S. economic recovery, the S&P 500 smashed old records en route to a 26% gain and the creation of $8.6 trillion in value.
Read more »
S&P 500 opens at record after holidays, but airline shares slide following Covid cancellationsU.S. stock indexes rose Monday as markets reopened after the Christmas holiday and investors assessed the spread of the omicron Covid-19 variant.
Read more »
Crypto Scammer Arrested in Bangkok After Fleeing With 500 Million Baht – Regulation Bitcoin NewsA man allegedly behind a cryptocurrency investment scam has been arrested in Bangkok, Thailand. He lured people into investing in his fraudulent crypto scheme by promising high returns, telling investors they could earn a 400% return by investing in just 200 days.
Read more »