S&P 500, Dow close down but still poised for big annual gain - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 2021/12/31 10:48:00
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Wall Street closed lower on Thursday, retreating in thin holiday volume from record highs set early in the session on strong US data including a drop in weekly claims for US unemployment benefits.

Each of Wall Street's main indexes was poised for its sharpest three-year surge since 1997-1999.

Investors were encouraged by growing evidence that the Omicron variant causes less-severe infections of COVID-19 than the Delta strain. “The strong manufacturer data out of Chicago and an impressive initial jobless claims continue to show an economy that is quite healthy, omits the continued worries obviously over the Omicron variants,” said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina.Stock markets are in a seasonally strong “Santa Claus Rally”that typically occurs in the last five trading days of the year and the first two of the new year.

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