IANS News Agency
The US stocks traded slightly higher, with the Dow Jones Industrial Average looking for its sixth consecutive gain.
The S&P 500 and the tech-laden Nasdaq added to their gains. The S&P 500 will try again for a new high after pulling back in the final minutes of trade Tuesday, missing out on its 70th record close of the year.
The US indexes were at 9:30 a.m. On Wednesday, it will be open.
The so-called Santa Claus rally typically runs from the last five trading days of the year to the first two sessions of the next, and US equities were generally higher. Sentiment was helped by Wall Street's optimistic outlook for corporate profit growth next year and signs that the Omicron variant of the coronaviruses appears to be producing milder symptoms.
Tom Lee, the investment firm's head of research, said that the S&P 500 is on track to close above the 4,800 base case of Fundstrat.
This has been a very difficult year for our active manager clients, and we realize that this has been labored gains from the past. The rise in equities has been justified by the resilience of the economy and the operating leverage of businesses.
The yield on the 10-year Treasury note increased from Tuesday's rate. Bond yields move with prices.
Lawrence Gillum, fixed income strategist at LPL Financial, expects the 10-year Treasury yield to be between 1.75% and 2.00% at the end of the year.
An aging global demographic that needs income, higher global debt levels, and an ongoing bull market in equities may keep interest rates from going much higher.
Insider rounded up the 10 biggest winners andlosers of the S&P 500 for the new year after a wild year for US stocks.
Adrian Kenny, senior sales trader at digital asset broker Global Block, said that despite a short-term breakthrough on Monday, the downturn in cryptocurrencies continues. The digital asset was last traded at $47,344.
The oil prices were not all that different. West Texas Intermediate crude was down at $75.87 per barrel. The international benchmark of crude oil, Brent, was slightly up in value.
After hitting its highest price in a month in the previous session, gold turned lower, falling 0.74% to $1,793.06 per ounce.
Business Insider has an original article.
