Stock market: Energy and Tech led the trend.Updated time: 24 Jan, 2022, 13:52 (UTC+04:00)
Stock markets closed at all-time highs in the last week of 2021 as expected from the famed “Santa rally”. Despite low trading volumes lately, investors have kept a strong belief in Omicron’s lower severity that fresh restrictions are unlikely. Tech and energy are two standout sectors leading the broader market.
S&P 500 and Nasdaq ended up 1.4% higher
Dow Jones rose 0.98%
Russel 2000 led the small-cap index by closing higher open 0.88%.
- Energy: Crude Oil WTI Futures and Brent Oil Futures traded up 2.7% and 3.4%, alternatively. The rise was attributed to concerns that cancelled flights might impede the demand surge for oil. Top performers were APA Corporation (up 7.3%), Devon Energy Corporation and Diamondback Energy Inc. (up 6.1%).
- Tech: semiconductor stood out in both large-cap and smaller caps on the Nasdaq. Apple led the Dow Jones with 2.3% gains.
- Airlines and cruise lines were among the biggest decliners as uncertainties of Omicron clouded the future outlook.
Overall, the crypto market has been calm in trading lately. BTC remained at $51,000 high while ETH slid a little to stop at just above $4,000. Cardano became the standout coin with over 6.4% rise.