Technology companies led US stocks on Monday, extending the market’s recent rally and propelling the S&P 500 to another all-time high.
Wall Street began the last week in a banner year for the stock market, with mostly muted trading as investors returned from the Christmas break and many overseas markets remained closed.
The S&P 500 rose 1.4%, its fourth consecutive gain. The benchmark index, which capped the holiday-shortened week with a record high on Thursday, is on pace to close the year with a 27.6% gain. The Dow Jones Industrial Average rose 1% and the technology-heavy Nasdaq gained 1.4%.
Major indices posted weekly gains last week as fears about the possible impact of the COVID-19 Omicron variant eased. However, much is still uncertain about Omicron, which is spreading very quickly and returning to pandemic restrictions in some places.
The S&P 500 rose 65.40 points to 4,791.19. The index has hit an all-time high of 69 so far this year. The Dow rose 351.82 points to 36,302.38 and the Nasdaq rose 217.89 points to 15,871.26.
Shares of smaller companies also rose. The Russell 2000 Index rose 19.88 points, or 0.9%, to 2,261.46.
Trading expected to remain calm, but potentially volatile, this week as the Omicron coronavirus pandemic continues to spread throughout the US and abroad. However, most of the big investors have closed their positions for 2021, and they want to keep their positions till next week.
Technology companies gained on Monday. Nvidia climbed 4.4%, while Apple and Microsoft each climbed 2.3%.
The price of US crude rose 2.4%, continuing its climb this month. This helped boost energy stocks. Devon Energy rose 6.1% and Diamondback Energy 4.9%.
Health care and financial stocks also helped lift the market. Abbott Laboratories rose 1.7% and Morgan Stanley 1.1%.
hundreds of flights The holiday weekend was canceled in the US, with airlines reporting staffing problems related to COVID. France reported More than 100,000 new cases in a daily record.
Airline shares closed with a fall on this news. Delta Air Lines fell 0.8% and United Airlines 0.6%.
Shares of cruise line operators also fell. Norwegian Cruise Line slipped 2.6% for one of the biggest falls in the S&P 500. Carnival dropped 1.2% and Royal Caribbean fell 1.3%.
Authorities in several countries have doubled down on vaccination efforts as the Omicron outbreak complicates efforts to avert new lockdowns, while hospitals are still strained by delta-type infections.
Bond yields were mixed. The yield on the 10-year Treasury fell to 1.48% from 1.49% on Thursday.
Asian and European markets were either closed or mostly up on Monday. London and Hong Kong remained closed, while Japan’s stock market closed higher.
In other international developments, the Turkish lira fell 5% against the dollar. The currency has fallen sharply this year as the Turkish government tries to bolster its economy despite prolonged high inflation. The government last week announced a plan that would encourage Turks to put their money back into lira bank accounts to boost the currency.