The S&P 500 closed higher Tuesday in thin trading ahead of the Christmas holiday, as tech stocks continued their strong start to the week. The New York Stock Exchange is set to close early Tuesday for Christmas Eve, and the market is shut on Christmas Day.Chip stocks, which racked up stocks gains a day earlier, were marginally higher after the Biden administration launched a new trade investigation into Chinese-made legacy chips, which could lead to fresh tariffs on Chinese semiconductors.
United Airlines shares were flat recovering intraday loss Tuesday as the airline briefly grounded all flights in the U.S. due to a'technical issue.' The ground stop was later lifted. Novo Nordisk slipped, halting its recovery from a recent plunge that was triggered by results from a late-stage study of its weight loss drug that fell short of expectations.BofA Securities stated its clients continued to buy US equities for the seventh straight week. Specifically, inflows reached $10 billion – the second-largest amount since 2008 and the biggest since January 2017. Similar to recent weeks, purchases were spread across both individual stocks and exchange-traded funds (ETFs), with stronger inflows directed toward single stocks. Large-cap stocks saw the bulk of the buying activity, while small caps experienced more subdued inflows. Institutional and retail investors increased their equity holdings for another week – the third for institutions and the second for retail clients. In contrast, hedge funds were net sellers for the second consecutive week. The rolling four-week average of inflows from institutional clients hit its highest point in nine months, reflecting a typical pattern of renewed buying activity following October’s tax-loss selling by mutual funds. “Private clients typically are big sellers in December amid tax loss selling vs. big net buyers in Januar
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