Ten of the top 11 sectors in the S&P 500 were advancing in a light-trading session, led by energy, the best-performing division of 2021.
The S&P and the Dow hit highs this week as optimism generated by early data suggesting the omicron variant is less virulent that other strains countered concerns stemming from a record surge in cases in the United States and warnings of disruption.
On New Year’s Eve, thousands of flights within the United States and internationally were delayed and hundreds were canceled, in part due to the rampant rise in COVID-19 infections.
“With no big market drivers and no major events scheduled, we expect quiet trading activity,” JFD Group’s Charalambos Pissouros wrote in a note. “Let’s not forget, however, that due to limited liquidity, a sudden market-related headline may be enough to cause overreactions.”
The The benchmark S&P 500 is about to close the year with a rise of 27%, with a jump of 47.4% in the energy sector that exceeds all other sector indices. The real estate and technology divisions, which rose 44% and 34% respectively during the past year, were the next with the best results.
The Dow Jones Outstanding Stock Index is on track to rise 19%, while the tech-heavy Nasdaq is poised to close 2021 with a 22% improvement.