Dow targets record highs in thin holiday trading; retailers jump

A trader works in the dealing room of the New York Stock Exchange (NYSE) in Manhattan, New York, United States, December 28, 2021. REUTERS / Andrew Kelly

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  • The Dow Jones is approaching an all-time high
  • Tesla CEO Musk Approaches 10% Share Sell Pledge
  • Rivian delays deliveries of electric trucks and SUVs
  • Indices: Dow up 0.26%, S&P up 0.12%, Nasdaq down 0.17%

December 29 (Reuters) – The Dow Jones hit a record high on Wednesday, thanks to a boost from retailers Home Depot and Nike, while the daily record of COVID-19 infections in the United States limited gains in a context of low liquidity during the last week of the year.

Home Depot (HD.N) and Nike Inc were up 1% and 2%, respectively, amid recent reports suggesting holiday sales were strong for U.S. retailers. Read more

Some early studies indicating a reduced risk of hospitalization in Omicron cases have helped investors overcome travel disruptions and have propelled the S&P 500 to record highs this week.

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“The market believes that Omicron will only affect a few sectors of the overall economy, and most stocks will be good for that,” said Luiz Pacheco, wealth advisor at Miami-based Brainvest Wealth Management.

Meanwhile, the S&P 1500 Airlines Index (.SPXCOMAIR) lost 1.3%. Delta Air Lines (DAL.N) and Alaska Air Group (ALK.N) again canceled hundreds of flights on Tuesday as the daily number of infections in the United States rose. Read more

Six of the top 11 S&P sector indices rose. The energy index (.SPNY), however, slipped 0.6% as oil prices fell amid demand concerns.

Typically, the last five trading days of the year and the first two of the following year are seasonally strong for US stocks. However, market participants have cautioned against reading daily movements too much, as the holiday season tends to see some of the lowest turnover volumes that cause exaggerated price action.

At 10:05 am ET, the Dow Jones Industrial Average (.DJI) was up 93.90 points, or 0.26%, to 36,492.11, the S&P 500 (.SPX) was up 5.79 points, or 0.12%, to 4,792.14, and the Nasdaq Composite (.IXIC) lost 27.45 points, or 0.17%, to 15,754.27.

The S&P 500 plunged in the lowest trading volume session of 2021 on Tuesday, ending a four-day winning streak. Read more

As 2021 draws to a close, major U.S. stock indexes are on track for their third consecutive year of stunning annual returns, boosted by historic fiscal and monetary stimulus. The S&P 500 is forecasting its best three-year performance since 1999.

Next year, the focus will be on the US Federal Reserve’s interest rate hike trajectory amid soaring prices caused by supply chain bottlenecks and a strong economic rebound. .

Among other actions, Rivian Automotive (RIVN.O) fell 3.6% after the company said it would delay deliveries of its electric pickup truck and sport utility vehicle with large batteries until 2023. read the following

Elon Musk, CEO of electric car maker Tesla (TSLA.O), has exercised all of his options expiring next year, marking the end of his share sales. Its shares fell 1.3% but were still on track to end at around 54% for the year. Read more

Falling issues outnumbered Advocates for a 1.16-to-1 ratio on the NYSE and a 1.97-to-1 ratio on the Nasdaq.

The S&P Index recorded 53 new 52-week highs and no new lows, while the Nasdaq recorded 38 new highs and 240 new lows.

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Reporting by Medha Singh and Anisha Sircar in Bangalore; edited by Uttaresh.V

Our Standards: Thomson Reuters Trust Principles.

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