The New York Stock Exchange has traders on it.
Spencer Platt is a photographer.
The benchmark index and the Dow Jones Industrial Average both set new records on a day when trading was light.
The S&P 500 closed at a new record for the 70th time in 2021, while the Dow Jones Industrial Average ended its sixth consecutive win. Tech stocks dragged down the index.
The US indexes stood at 4:00 pm. The close is on Wednesday.
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.
Kevin Philip, managing director at Bel Air Investment Advisors, said in a Wednesday note that the markets are reflecting the new reality that COVID is here to stay. The stock markets will deliver positive returns as we are in a sustained growth economy.
Tom Lee, the investment firm's head of research, said that the S&P 500 is on track to top the 4,800 base case of Fundstrat.
Lee said in a Wednesday note that the rise in equities has been justified by the resilience of the economy.
In the first half of the year, Lee said he is expecting significant turbulence due to the continued rise in COVID cases, supply-chain glitch, and uncertainty regarding mid-term elections. The Federal Reserve is about to raise interest rates.
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.
Gillum said in a recent note that 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.
In cryptocurrencies, the price of bitcoin plummeted for the third day in a row and is on track for its worst monthly performance in seven months.
Oil prices went up. The price of West Texas Intermediate crude increased to $76.45 per barrel. The international benchmark, crude oil, was slightly up to trade at $79.19.
After hitting its highest price in a month in the previous session, gold turned lower and was at $1,804.96 per ounce.
Business Insider has an original article.
