S&P 500 Eyes Record Close as Big Tech Edges Higher, Healthcare Rallies
Investing.com
Published Dec 29, 2021 02:24PM ET
Updated Dec 29, 2021 03:43PM ET
By Yasin Ebrahim
Investing.com – The S&P 500 edged higher Wednesday, to remain on course for a closing record after big tech cut intraday losses and a Biogen-fueled rally in healthcare bolstered stocks.
The S&P 500 rose 0.3%, the Dow Jones Industrial Average added 0.4%, or 160 points, the Nasdaq slipped 0.1%.
Microsoft (NASDAQ:MSFT), Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL) cut intraday losses, while Facebook (NASDAQ:FB), and Amazon (NASDAQ:AMZN) were well off their session lows.
In Chinese tech, however, Alibaba (NYSE:BABA) fell more than 2% following a Bloomberg report that the e-commerce giant was in early talks to sell part or all of its stake in social media platform company Weibo (NASDAQ:WB) to Shanghai Media Group.
In health care, Biogen (NASDAQ:BIIB) jumped nearly 10% intraday after the Korea Economic Daily reported that the company was in talks about a possible to sale to electronics giants Samsung.
Energy was a drag on the broader market even as oil prices rebounded from session lows after weekly U.S. petroleum data showed a larger than expected fall in crude stockpiles and ramp-up in production.
Schlumberger (NYSE:SLB), ONEOK (NYSE:OKE), Baker Hughes (NYSE:BKR) were among the biggest decliners.
Airline stocks continued to trade to the tune of Omicron-led data as Delta Air Lines (NYSE:DAL) and Alaska Air (NYSE:ALK) cancelled hundreds of flights amid rising cases of Omicron variant and weather conditions.
The U.S. hit a record seven-day case average of 262,034 cases on Tuesday, surpassing the prior record of 251,232 cases seen in January this year.
As the broader market remains within touching distance of its notching its 70th record high, some on Wall Street continue to expect more of the same in the new year.
“If the S&P 500 ends near current levels, next year we could see a total return (index appreciation plus dividends) in the 10% to 12% range based on our current work,” Wells Fargo said.
“So even after a nice run higher this year, we see more upside through year-end 2022,” it added.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.