Tags: Stock news, Stocks
S&P 500

S&P 500 Notches Record High on Retail Sales Rally

The benchmark S&P 500 closed at a record high on Monday, mainly driven by strong US retail sales.

Accordingly, the index elevated 1.38% or 65.40 points to $4,791.19 per share. This upturn marked the fourth consecutive session of gains. 

Alongside, American retail sales strengthened 8.50% from a year earlier this holiday season, bolstering the S&P 500 retailing segment.

The cheer on personal consumption underscored the economic strength. It is supported by an e-commerce boom, according to a report released by Mastercard Inc.

Additionally, it calmed concerns from Omicron-driven flight cancellations that weighed travel stocks over the Christmas weekend.

US airlines, which are typically sensitive to coronavirus news, plummeted after canceling about 800 more flights yesterday. 

The S&P 1500 airlines index curtailed 0.57% or 1.51 points to $261.77 per share. 

Eventually, cruise operators were among the most extensive decliners on the S&P 500 index.

Norwegian Cruise Line Holdings inched down 2.55% or 0.58 points to $22.14 per share. 

Similarly, Royal Caribbean narrowed 1.33% or 1.06 points to $78.46 per share. Then, Carnival Corp. slashed 1.16% or 0.24 points to $20.95 per share. 

Energy and Tech Led Gains on S&P 500

Meanwhile, all eleven major S&P 500 sector indexes strengthened, with energy and tech sectors leading percentage gains.

Analysts forecasted the energy stocks to close the year as the index′s top-performing group amid the soaring oil prices. 

Subsequently, hydrocarbon firm APA Corp. surged 7.29% or 1.90 points to $27.97 per share. 

Likewise, Devon Energy hiked 6.05% or 2.55 points to $44.61 per share.

Also, Diamondback Energy widened 4.91% or 5.20 points to $111.14 per share.

Accordingly, semiconductor companies also posted gains in the benchmark S&P 500. 

AMD, Inc. widened 5.62% or 8.22 points to $154.36 per share. At the same time, Nvidia Corporation climbed 4.40% or 13.05 points to $309.45 per share.

User Review
0 (0 votes)


Leave a Reply


Share this on

Share on facebook
Share on twitter
Share on linkedin

Rec­om­mended for You

Subscribe to Our Newsletters

Have The Best Of Trade Market News Delivered Directly To Your
Mailbox. Subscribe To Receive The Latest Market News.