Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 Closes at All-Time High on Quiet Pre-Holiday Trading, Omicron Optimism

Stock MarketsDec 23, 2021 04:19PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

by Daniel Shvartsman

Investing.com - The S&P 500 finished at an all-time high close, just missing its intraday all-time high, and other leading U.S. indices closed higher to finish the holiday-shortened trading week, as low trading volumes and optimism over the Omicron Covid-19 variant being less severe allowed the fabled "Santa rally" effect to set in a little early.

The S&P 500 ended the day fading from session highs, up .62% to 4725.74. The Dow Jones Industrial Average closed up 197 points to 35951, up .55%, while the NASDAQ Composite again outshone its peers, finishing the day up .84% at 15653. The Russell 2000 rose .89%, showing the market's risk-on appetite before the holiday weekend.

Tesla (NASDAQ:TSLA) again was a standout, rising nearly 6% as investors shrugged off CEO Elon Musk's continued share sales. There was excitement to go around in electric vehicles, with Nikola Corp (NASDAQ:NKLA) ending the day up 18%, Luminar Technologies (NASDAQ:LAZR) up nearly 4.4%, and Nio (NYSE:NIO) up 2.2%.

Micron Technologies (NASDAQ:MU) flirted with all-time highs, finishing up 4.5% as investors soaked in the glow of the company's strong report earlier this week. Semiconductors as a sector continued to rise, with the iShares Semiconductor ETF (NASDAQ:SOXX) up 1%.

On the flipside, vaccine makers and pharmaceutical companies working to treat Covid-19 sold off amid continued reports that the Omicron variant poses a great risk of contagion but perhaps a lesser risk of serious disease and hospitalization, which also has led governments being less willing to take extreme containment measures that might impinge on consumer behavior or the economy more generally. Pfizer Inc (NYSE:PFE) closed down 1.4%, Moderna Inc (NASDAQ:MRNA) recovered to only be down .5% for the day, and Novavax Inc (NASDAQ:NVAX) closed down 3.3% despite promising news about its vaccine's efficacy against the omicron variant and other forms of Covid-19.

Bitcoin is trading above $50,000 again at $50,888 as of this writing, as the cryptocurrency sector more broadly rode the market buoyancy. Coinbase Global Inc (NASDAQ:COIN) benefited as well, closing up 5.3% on the day.

In a sign that the any news was bad news, both Quidel (NASDAQ:QDEL) and Crox traded lower after announcing deals. Quidel announced a $6B deal for Ortho Clinical Diagnostics and sold off 17%, while Crox sold off nearly 12% after announcing the $2.5B acquisition of HEYDUDE.

In commodities, Crude Oil WTI Futures finished the week up 4%, buoyed by the same market conviction that economic activity won't be overly slowed down by the omicron news. Gold Futures meanwhile finished at five-week highs, as inflation concerns off of a hot personal consumer expenditures report this morning may have boosted the yellow metal.

For the week, the S&P 500 finished up 2.3%, while the Dow finished up 1.65%, and the Nasdaq finished up 3.2%. The Russell was up 3.1% for the week.

The U.S. markets will be closed tomorrow in observance of Christmas.

Investing.com wishes you a Merry Christmas for those celebrating and a happy holidays and long weekend!

For weekend reading, check out our 2022 outlook series.

(Article published at 4:04 pm ET, updated at 4:18pm)

S&P 500 Closes at All-Time High on Quiet Pre-Holiday Trading, Omicron Optimism
 

Related Articles

Wall St set to extend selloff as growth fears mount
Wall St set to extend selloff as growth fears mount By Reuters - May 19, 2022 2

By Devik Jain and Amruta Khandekar (Reuters) -U.S. stock indexes were set to open sharply lower on Thursday after the S&P 500's biggest rout this year as investors fretted over...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
jj mm
jj mm Dec 23, 2021 5:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
omicron optimis...
John Healy
John Healy Dec 23, 2021 5:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Omicron Optimis Prime
Max German
MaxiGE Dec 23, 2021 4:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it did only go up to sell off last minutes such a scam these markets but i think alot of traders gonna quit index trade they are up over 4% this week madness on "omicron optimism" thats just sick
Salvador Hernández Sánchez
Salvador Hernández Sánchez Dec 23, 2021 4:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The new variant hidden by USA remember it,
Dave Jones
Dave Jones Dec 23, 2021 4:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Santa Clause is coming!
Pezhman Parsi
Pezh Dec 23, 2021 4:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
5,8% only to reach 5k btw
Pezhman Parsi
Pezh Dec 23, 2021 4:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We reach 5k in S&P in Q1.
Pezhman Parsi
Pezh Dec 23, 2021 4:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I did say it before us opened today, will have ath today or next week... New ATHS next week then
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email