U.S. stocks rallied at the second trading session of the week. The bullish trend is significantly attributed to the likely seamless rollout of multiple highly effective vaccines.
At the close of the New York Stock Exchange, the Dow Jones Industrial Average surged by 1.13%, while the NASDAQ Composite index gained 1.25%, and the S&P 500 index ticked up by 1.29%.
The best performers of the session on the Dow Jones Industrial Average include the world’s most valuable tech brand, Apple Inc., which printed gains of 5.02% to trade at $127.89 at the close. Also, Walt Disney Company added 2.73% gains to end at $173.92.
The leading performer at the S&P 500 was Wynn Resorts Limited, which gained 6.01% to $114.00, also Eli Lilly and Company recorded impressive gains of 5.98% to settle at $167.36, and not forgetting Halliburton Company which ticked up by 5.85% to close at $20.07.
Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on the prevailing macros pushing U.S stocks to record high amid the economic relief package coming from the U.S congress.
“The prospect of a rising stimulus tide lifts all boats, sees investors revel in holiday cheer as a healthy cocktail of progress over an economic relief package in Washington, Brexit deal optimism that could settle by week’s end, and the likely seamless rollout of multiple highly effective vaccines have mixed to paint trading screens Christmassy Green.
“This is despite the numerous headwinds both from the virus’s spread and the risk of increasingly tighter mobility restrictions. All the while, investors sit between sixes and sevens regarding the make-up of the stimulus package itself.
“And while it will be a slower economic recovery without the stimulus deal, today, the markets are wholeheartedly banking on that deal to provide the ultimate footbridge to the vaccine rollouts,” Innes said.
Bottom line: Again, looking at the most liquid stock market in the world only paints half of a whole bullish picture. The below-the-surface price high volatility remains in play.