NEW YORK (Pakistan Point News / Sputnik - 28th December, 2021) Wall Street's S&P500 index soared to a new record high on Monday as US stocks experienced what appeared to be the "Santa Claus rally" that typically starts at around Christmas and lasts through the year-end.
The S&P 500, which lists the top 500 US stocks, closed up 1.4% at an all-time peak of 4,791. Year-to-date, the index is up 28%.
The Nasdaq Composite Index, which groups major technology Names such as Facebook, Apple, Amazon, Netflix and Google, also rose 1.4% to settle at a session high of 15,871. Nasdaq's record high of 16,212 was set on November 22. It is up 23% on the year.
The blue-chip Dow Jones Industrial Average, which lists a wide variety of stocks from leisure to banking and agriculture, rose almost 1% to settle at 36,302. The Dow hit an all-time high of 36,565 on November 8. Year-to-date, it is up 19%.
Monday's rally came after Mastercard said its SpendingPulse report for the holiday season showed an encouraging 8.5% growth from last year, with many Americans notably doing their shopping earlier in the period due concerns about supply snarls from the coronavirus pandemic.
