The S&P 500 ended Monday near session highs, posting the 69th record close for 2021 with all major industry groups advancing. The tech-heavy Nasdaq 100 jumped 1.6 per cent, outperforming other benchmarks. Oil climbed back above US$75 a barrel in New York for the first time in a month. The two-year yield stayed higher after an auction while rates in the long end slipped.
An annual event known as the “Santa Claus rally” kicked off Monday. Since 1969, the S&P 500 index has averaged a gain of 1.3 per cent over the seven-day period, which includes the last five trading sessions of the year and the first two trading days of the new year, according to The Stock Trader’s Almanac.
Travel stocks underperformed as flight cancellations over the Christmas weekend stretched into Monday, with winter storms pressuring carriers already short-staffed due to spreading COVID-19 cases. Anthony Fauci, President Joe Biden’s top medical adviser, indicated support for making vaccinations a requirement for domestic fights. Biden said he’s seeking to expand testing as demand surges.
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