December 28, 2021

Stock ‘Green’ Momentum Continues Again After Holiday Season

 The ‘green’ momentum of stocks and oil continued amid US holiday sales results and investors ’concerns about economic damage from the Omicron variant thinned, however, such sentiment could cause gold prices to soar despite pressure from a strong dollar.

The escalation of the Covid-19 case has led US airlines to cancel and postpone thousands of flights as well as the French government holding meetings on new travel restrictions, however, investors remain optimistic about an economic recovery by next year.

A survey found there was a significant increase in retail sales during the US holiday season that has convinced investors to raise the worldwide stock gauge by 0.87%.

Moreover, the major Wall Street index posted gains of 4 consecutive sessions after reports said the Omicron variant was not as bad as other Covid-19 variants.

The Dow Jones Industrial average index rose 0.98% while the S&P 500 hit 1.38% and the Nasdaq Composite added 1.39%.

The pan-European STOXX 600 index was up 0.62%.

10 U.S. treasury yields rose 1.5%.

The dollar is down 0.026% while the Euro is up 0.01% at $ 1.1326.

US crude was up 3.04% at $ 76.03 a barrel and Brent was up 3.68% at $ 78.94.

The spot gold price increased 0.1% at $ 1,811.92 an ounce.