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Dow, S&P 500 Close Record Highs, Nasdaq Off

TheStreet logo TheStreet 12/29/2021 Rob Lenihan
a group of people that are talking to each other: Dow, S&P 500 Close Record Highs, Nasdaq Off © TheStreet Dow, S&P 500 Close Record Highs, Nasdaq Off

The Dow Jones Industrial Average and the S&P 500 closed at record highs as Wall Street looked beyond the impact of the omicron variant.

The Dow finished up 90 points, or 0.25%, to 36,488, it's sixth consecutive winning day, while the S&P 500 gained 0.14% and the tech-heavy Nasdaq was off 0.55%.

The U.S. hit a new in Covid-19 cases on Tuesdays, topping 267,000, the New York Times reported, while Europe countries were breaking records for infections.

While omicron cases have increased, hospitalizations are not keeping pace.


Video: Markets focused on macro forces like omicron and the Fed, says Hightower's Link (CNBC)

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Albert Ko, chair of the department of epidemiology and microbial diseases at the Yale School of Public Health, told Bloomberg that "we are seeing exponential increases in cases, and a much lower increase in hospitalizations and deaths."

Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said that strong global growth joined with low and, at times, declining interest rates "to produce a vintage year for risk assets and the economy supporting them."

"We believe it is premature to doubt the staying power of the risk rally despite rising world inflation," he said. "Brisk money growth and interest-rate resilience this year bode well for the market's highly charged sectors."

Micron Technology shares jumped 3.5% to $96.17 following reports that Samsung Electronics, its main rival in memory chip production, had suspended operations at a key factory in China amid an accelerating Covid outbreak.

Shares of Victoria's Secret powered higher, rising 12.2% to $54.49, after the women's intimate apparel company announced a $250 million accelerated share repurchase (ASR) agreement with Goldman Sachs to repurchase $250 million of the company's common stock.

Tesla shares ended down slightly to $1,086 after CEO Elon Musk exercised the final batch of stock options expected to expire next year, signaling and end to his current run on share sales.

This article was originally published by TheStreet.
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