Home » News » Stocks New York Outlook: S&P 500 continues its record hunt | 12/28/21

Stocks New York Outlook: S&P 500 continues its record hunt | 12/28/21

NEW YORK (dpa-AFX) – Investors in the US stock market can hope for a continuation of the “Santa Claus rally”. In addition, the S&P 500 index (S&P 500) beckons a record high on Tuesday for the second day in a row. In the absence of new bad news about the Coronavirus variant Omikron, investors increasingly bet on another strong stock market year in 2022 on the last trading days of the year, wrote analyst Jochen Stanzl from broker CMC Markets UK.

Around three quarters of an hour before the stock market launch, the broker IG estimated the market-wide S&P 500 0.27 percent firmer at 4804 points. IG expects the Dow Jones Industrial (Dow Jones 30 Industrial) to be 0.22 percent higher at 36,381 points and the NASDAQ 100 to be 0.43 percent higher at 16,640 points. This means that the leading index and the technology-heavy selection index are not short of new historical records.

The optimistic market expectations explained why the S&P 500 could rise to a new record despite largely missing news, continued Stanzl. At the moment, those investors would be rewarded who bought in times of weakness. But it is important “that the course strength can also be maintained at the end of the week and thus the end of the year”. At the moment, the market is being driven primarily by the rather speculative build-up of positions in anticipation of further price gains. “In terms of the chart, only a weekly closing price above last week’s highs in the S&P 500 would be seen as a breakout – and the week is still long.”

At the electric car maker Tesla, the latest recovery rally is likely to continue on Tuesday, as the pre-market price increase of more than one and a half percent showed. Since the beginning of the year, the shares have already gained more than 50 percent in value, which means a top 20 place on the Nasdaq 100 for this period. CEO Elon Musk had announced before the Christmas holidays that he had almost achieved the targeted sale of more than ten percent of his shares in Tesla, and thus relieved selling pressure on the share.

For NVIDIA, the stock market adage “The bull market feeds the bull market” is particularly true at the moment: Even without news, the graphics card specialist’s share price rose by almost one and a half percent before the market. The value of the share certificates has already more than doubled in the course of the year so far, which means that they lead the list of winners in the technology-heavy selection index just ahead of the shares of the corona vaccine manufacturer Moderna.

The shares of Mainz competitor Biontech (BioNTech (ADRs)) listed in New York do not belong to the illustrious circle of index members, but are worth more than three times as much as just under a year ago. For the Biontech partner and former Dow member Pfizer, the annual increase is almost 61 percent, which is more than for all current index members. It was recently announced that the federal government is buying one million packs of the Pfizer drug Paxlovid to treat severe Covid courses. In the pre-trading period, Moderna, as well as Biontech and Pfizer, were recently listed in minus./gl/stw

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