Technology companies led US stocks broadly higher Monday, extending the market’s recent rally. Trading was muted following the Christmas holiday as Wall Street kicked off the final week in a banner year for the stock market.
Trading is expected to be quiet, but potentially volatile, this week as the Omicron coronavirus variant continues to spread quickly throughout the US and overseas. However, most big investors have closed out their positions for 2021, and are like to hold their ground until next week.
Wall Street kicked off the final week in a banner year for the stock market.Credit:AP
The S&P 500 was up 1.4 per cent. The benchmark index, which capped a holiday shortened week Thursday with an all-time high, is on pace to close out the year with a 27.3 per cent gain. The Dow Jones Industrial Average rose 0.7 per cent and the technology-heavy Nasdaq rose 1.2 per cent.
The major indexes posted weekly gains last week as fears ebbed about the potential impact of omicron outbreaks. However, much is still uncertain about the variant, which is spreading extremely quickly, leading to a return to pandemic restrictions in some places.
Technology companies led the gains. Nvidia climbed 3.9 per cent, while Apple and Microsoft each rose 1.9 per cent.
The price of US crude oil rose 2.7 per cent, continuing its climb higher this month. Energy companies like Devon Energy and Diamondback Energy were among the biggest gainers in the S&P 500.
Hundreds of flights were cancelled in the US over the holiday weekend, with airlines reporting COVID-related staffing problems. France reported more than 100,000 new cases in a daily record.
Airline stocks were down on the news, with Delta Air Lines and United Airlines falling roughly 1 per cent.
Shares in cruise line operators also fell. Norwegian Cruise Line slid 2.7 per cent for the biggest drop in the S&P 500. Carnival and Royal Caribbean slipped more than 1 per cent.
