A mixed close for the US stock market today. Nasdaq underperformed, Dow Jones outperformed. How did the US stock market close today?
S&P 500: 4,786.36,-4.83(-0.10%)
Dow 30: 36,398.21,+95.83(+0.26%)
Russell 2000: 2,254.69,-6.77(-0.30%)
Stock market news
“U.S. stocks were mixed on Tuesday as traders weighed rising COVID-19 cases.
The S&P 500 changed course in midday trading after hitting an intraday high earlier in the session. The Dow was up while the Nasdaq faltered, dragged down by continued selling in tech stocks.
Global COVID-19 cases hit a daily record on Monday, with more than 1.44 million worldwide infections reported, topping the prior record, according to Bloomberg. Infections from the highly-transmissible Omicron variant — found to infect 70 times faster than previous strains — comprised much of the newly tracked cases, though studies indicate illness caused by the strain is less likely to be severe or lead to hospitalizations.
The CDC also eased its guidance for quarantining after exposure to the virus, halving its recommendation to isolate upon a positive test from 10 to five days.
December was a volatile month for investors who weighed the strain’s impact on the economy, but recent developments that indicate Omicron may cause milder disease helped markets shake off earlier concerns.
For the second consecutive day of trading, the S&P 500 soared past its previous peak on Tuesday, marking the benchmark’s 69th record close of the year along with broader market advances in the final stretch of 2021.
The moves suggest that a Santa Claus Rally — one in which stocks climb higher in the final five trading sessions of a year, plus the first two trading days of the new year — is so far underway. Over the past 92 years, the S&P 500 gained 77% of the time during the year-end rally period, according to data from Sundial Capital Research. The average gain in this seven-day trading period tallied 2.66%.
“Beyond vaccines, treatment options are becoming more available,” Rik Mehta, an FDA official and Georgetown University health law professor, told Yahoo Finance Live. “That will keep people that are vaccinated and unvaccinated out of the hospitals and from developing severe infection. That’s going to be a game changer for this.””
Stock market data: Yahoo Finance