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U.S. stocks closed mixed on Tuesday, with the four-day rally somewhat losing steam in the final week of the year, as investors looked hopeful about 2022 despite record new COVID-19 cases emerging form the Omicron variant. The S&P and Nasdaq ended in the red, while the Dow finished in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 0.3% or 95.83 points to end at 36,398.21 points, registering its five straight day of gains and its second-highest close ever.
The S&P 500 lost 0.1% or 4.84 points to finish at 4,786.35 points, snapping its four-day winning streak but still managing record its second-highest close ever. The index, however, set an intraday record at 4,807.02.
Consumer staples and utility stocks were the best performers but were dragged down by technology stocks. The Consumer Staples Select Sector SPDR (XLP) and Utilities Select Sector SPDR (XLU) gained 0.6% and 0.9%, respectively. The Technology Select Sector SPDR (XLK) declined 0.5%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq shed 0.6% or 89.54 points to finish at 15,781.72 points. Shares of NVIDIA Corporation (NVDA - Free Report) lost 2%, while Microsoft Corporation (MSFT - Free Report) added 0.4%. NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 0.79% to 17.54. A total of 7.55 billion shares were traded on Tuesday, lower than the last 20-session average of 11.56 billion. Decliners outnumbered adanvcers on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.88-to-1 ratio favored declining issues.
Investors Weighing Omicron Severity
Trading has been in low volume over the past few days. This has been the trend in the last week of the year and Tuesday wasn’t any different. Stocks movement remained mixed on Tuesday as investors are weighing that severity of the Omicron variant. Investors feel that Omicron variant won’t impact economic growth and its effect will be a lot milder.
This has somewhat made them optimistic about starting 2022 on a high despite the United States registering a record number of fresh COVID-19 cases.
This somewhat weighed heavy on the S&P 500 and Nasdaq as growth stocks took a hit. Tech and chip stocks that had scored big in the previous session, took a battering on Tuesday.
On the other hand, The Centers for Disease Control and Prevention (CDC) on Monday revised its isolation recommendation. The CDC has now shortened the isolation period for those who test positive for COVID-19 to five days from 10 if they do not have symptoms. This saw travel-related stocks bouncing back on Tuesday.
Economic Data
It is a light week for U.S. economic data with the year coming to a close. Of those released, Case-Shiller 20-city price index, a measure of U.S. home prices showed a 18.4% year-over-year jump in October, down from 19.1% in September. This was the third consecutive month that U.S. home prices have accelerated at a slower pace.
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Stock Market News for Dec 29, 2021
U.S. stocks closed mixed on Tuesday, with the four-day rally somewhat losing steam in the final week of the year, as investors looked hopeful about 2022 despite record new COVID-19 cases emerging form the Omicron variant. The S&P and Nasdaq ended in the red, while the Dow finished in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) climbed 0.3% or 95.83 points to end at 36,398.21 points, registering its five straight day of gains and its second-highest close ever.
The S&P 500 lost 0.1% or 4.84 points to finish at 4,786.35 points, snapping its four-day winning streak but still managing record its second-highest close ever. The index, however, set an intraday record at 4,807.02.
Consumer staples and utility stocks were the best performers but were dragged down by technology stocks. The Consumer Staples Select Sector SPDR (XLP) and Utilities Select Sector SPDR (XLU) gained 0.6% and 0.9%, respectively. The Technology Select Sector SPDR (XLK) declined 0.5%. Seven of the 11 sectors of the benchmark index ended in positive territory.
The tech-heavy Nasdaq shed 0.6% or 89.54 points to finish at 15,781.72 points. Shares of NVIDIA Corporation (NVDA - Free Report) lost 2%, while Microsoft Corporation (MSFT - Free Report) added 0.4%. NVIDIA has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The fear-gauge CBOE Volatility Index (VIX) was down 0.79% to 17.54. A total of 7.55 billion shares were traded on Tuesday, lower than the last 20-session average of 11.56 billion. Decliners outnumbered adanvcers on the NYSE by a 1.04-to-1 ratio. On Nasdaq, a 1.88-to-1 ratio favored declining issues.
Investors Weighing Omicron Severity
Trading has been in low volume over the past few days. This has been the trend in the last week of the year and Tuesday wasn’t any different. Stocks movement remained mixed on Tuesday as investors are weighing that severity of the Omicron variant. Investors feel that Omicron variant won’t impact economic growth and its effect will be a lot milder.
This has somewhat made them optimistic about starting 2022 on a high despite the United States registering a record number of fresh COVID-19 cases.
This somewhat weighed heavy on the S&P 500 and Nasdaq as growth stocks took a hit. Tech and chip stocks that had scored big in the previous session, took a battering on Tuesday.
On the other hand, The Centers for Disease Control and Prevention (CDC) on Monday revised its isolation recommendation. The CDC has now shortened the isolation period for those who test positive for COVID-19 to five days from 10 if they do not have symptoms. This saw travel-related stocks bouncing back on Tuesday.
Economic Data
It is a light week for U.S. economic data with the year coming to a close. Of those released, Case-Shiller 20-city price index, a measure of U.S. home prices showed a 18.4% year-over-year jump in October, down from 19.1% in September. This was the third consecutive month that U.S. home prices have accelerated at a slower pace.