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World stock prices gain on strong U.S. holiday sales

Stock MarketsDec 28, 2021 04:45AM ET
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2/2 © Reuters. FILE PHOTO: A man looks at stock market monitors in Taipei January 22, 2008. REUTERS/Nicky Loh 2/2

By Katanga Johnson

WASHINGTON (Reuters) - Global stock markets rose on Monday and oil prices eased as investors hailed strong U.S. holiday season sales and some grew less fearful about economic damage from the Omicron variant of COVID-19.

Still, fears that the pandemic could hurt economic growth pushed gold prices to the highest in more than a week despite pressure from a firmer U.S. dollar.

A Mastercard Inc (NYSE:MA) survey showed a substantial rise in U.S. holiday season retail sales. This fueled investor optimism, boosting Wall Street and lifting a gauge of stocks across the globe by 0.87%. European gains offset earlier weakness across Asian markets.

Some investors grew confident a global recovery would regain steam next year even though the pandemic has prompted U.S. airlines to cancel or delay thousands of flights due to staff shortages, while several cruise ships had to cancel stops after COVID-19 outbreaks aboard.

In Asia, China reported its highest daily rise in local COVID-19 cases in 21 months as infections more than doubled in the northwestern city of Xian, its latest hotspot.

In France, the government convened a special meeting that could trigger new restrictions after the country hit another infection record.

Spot gold added 0.1% to $1,811.92 an ounce.

Wall Street's main stock indexes notched their fourth straight session of gains, after reports last week that the highly infectious Omicron variant may not be as deadly as earlier types of COVID-19.

"Heading into 2022 we will still have COVID uncertainties but the good news is that, according to the WHO, we may be see the end of the pandemic towards the end of year," said Jawaid Afsar, sales trader at Securequity.

He added that next year markets must also contend with other issues, ranging from inflationary pressures to policy tightening and geopolitical risks.

Looking ahead, thin trading volumes ahead of New Year could make markets volatile. Still, since 1945, the last five trading days of December and the first two days of January have boded well for U.S. stocks 75% of the time, according to CFRA Research data.

The pan-European STOXX 600 index rose 0.62%, nearing its highest level in over a month.

Mainland Chinese shares weakened, with Shanghai's benchmark sliding 0.4% and an index of blue chips retreating less than 0.1%. Property stocks did get a lift, though, after China's central bank vowed to promote healthy development of the real estate market.

Australia, Hong Kong and Britain were among markets closed on Monday for holidays.

DOLLAR RANGEBOUND

On Wall Street, the Dow Jones Industrial Average rose 0.98%, while the S&P 500 gained 1.38% after hitting a record high during the session. The Nasdaq Composite added 1.39%.

In debt markets, U.S. Treasuries 10-year yields held below Thursday's high of just above 1.5%.

In foreign exchange markets, the dollar was rangebound, despite a hawkish turn at the Federal Reserve this month that saw policymakers signal three quarter-point rate hikes in 2022.

The dollar index fell 0.026%, with the euro up 0.01% to $1.1326

In the crude market, U.S. crude recently rose 3.04% to $76.03 per barrel and Brent was at $78.94, up 3.68% on the day.

World stock prices gain on strong U.S. holiday sales
 

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Comments (12)
Al Ose
Al Ose Dec 27, 2021 10:47PM ET
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Wont be retail follow through next quarter.
William Bailey
William Bailey Dec 27, 2021 9:04PM ET
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Master Card?! Sure , compared to a dead cat ( 2020) and minus inflation Master Card found a metric somewhere in the US a cat on life support
Meself Meself
Meself Meself Dec 27, 2021 8:18PM ET
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down 6.5 percent due to inflation u guys worse than Brandon
Meself Meself
Meself Meself Dec 27, 2021 8:18PM ET
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but he stinks more just ask the pope or Camilla
Joel Schwartz
Joel Schwartz Dec 27, 2021 8:18PM ET
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Meself Meself Blame Powell
Penny Trader
Penny Trader Dec 27, 2021 12:49PM ET
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Better to stay away from these kind of foolishness news.Nothing to help investor's.
Ford Guy
Ford Guy Dec 27, 2021 10:48AM ET
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Oil eases ???
Cheryl Burnett
Cheryl Burnett Dec 27, 2021 10:48AM ET
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the market just blew up... do not understand why since there is enough in storage, demand deminished because of omi effing cron...
Jamie An
Jamie An Dec 27, 2021 9:18AM ET
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I hope Russia force US to be gentle and humble by launching nuclear missile in front of US territory.
Dirk Peter van Dellen
Dirk_P Dec 27, 2021 9:18AM ET
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John Avenetti
John Avenetti Dec 27, 2021 9:18AM ET
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people are getting crazier by the hour. the world is under a spell
Jamie An
Jamie An Dec 27, 2021 9:18AM ET
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US should be teach. Kennedy almost detained Cuba's russian missile for the reason of national safety. Now Putin why not? If Nato launches missile it can hit Russia within 4 minuites. I think Putin is doing his job properly.
Robert Cutler
Robert Cutler Dec 27, 2021 9:18AM ET
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US crude oil price is seeking Putin's age
Matias Marquez
Matias Marquez Dec 27, 2021 8:31AM ET
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fake , medias sell trash
Chad RicherThanYou
Chad RicherThanYou Dec 27, 2021 6:27AM ET
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50% market drop coming
jason xx
jason xx Dec 27, 2021 6:07AM ET
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I don't see how a weaker variant means the pandemic will end. The next one could be worse since it's infecting more people and has more chances for mutation. Seems like irresponsible speculation when this new one is just starting.
William Smith
William Smith Dec 26, 2021 10:34PM ET
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Airlines might be grounded in 2 weeks as it becomes impossible to staff.
jason xx
jason xx Dec 26, 2021 10:34PM ET
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Hmm
 
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