Dow Logs 6 Straight, S&P 500 Nabs Fresh Record Close

The U.S. hit a record 265,000 new infections per day on a seven-day average

Fernanda Horner

Digital Content Manager

Dec 29, 2021 at 4:29 PM

The Dow extended its rally on Wednesday to add 90 points, while also logging its sixth-straight daily gain -- the blue chip benchmark's longest win streak since March. Meanwhile, the S&P 500 clawed higher to nab a record close, and the tech-heavy Nasdaq settled with a small loss. Wall Street's fear gauge, the CBOE Volatility Index (VIX), notched its worst losing streak since March, after falling for the sixth consecutive session.

Covid-19 headlines dominated Wall Street's attention today, including news that the U.S. reached a record seven-day average of 265,000 new cases per day, according to Johns Hopkins University data. Elsewhere, the World Health Organization (WHO) warned new variants that are resistant to current vaccines may emerge, should the pandemic go on.

Continue reading for more on today's market, including:

Unpacking these 3 successful Schaeffer's 2021 stock picks.
Victoria's Secret stock boosted by $250 million buyback plan.
Plus, headwinds blowing for 2 vaccine names; why Alibaba stock slipped; and analyst praises Akamai Technologies stock.

The Dow Jones Average (DJI - 36,488.63) rose 90.4 points, or 0.3% for the day. Wall Greens Boots Alliance (WBA) led the gainers, adding 1.6%, while Boeing (BA) paced the laggards with a 1.2% fall.

The S&P 500 Index (SPX - 4,793.06) added 6.7 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,766.22) shed 15.5 points, or 0.1% for the day.

Lastly, the CBOE Volatility Index (VIX - 16.59) dropped 0.6 point, or 3.4% for the day.

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Biogen (BIIB) surged after reports that South Korea-based conglomerate Samsung Group will acquire the drug maker in a deal worth about $42 billion. (MarketWatch)
President Joe Biden will speak with Russian President Vladimir Putin following news that Russia has established a military presence at the border with Ukraine. (CNBC)
The Covid-19 vaccine rally could be over for these 2 stocks.
Alibaba stock slipped after reports that it will sell its Weibo stake.
Analyst calls Akamai Technologies stock "best kept secret in security."

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Oil Prices Notch Best Win Streak Since February

Oil prices logged their sixth-straight win on Wednesday, marking their best win streak since February. Boosting black gold today was a large drop in U.S. crude inventories, which pointed to higher energy demand despite the impacts of the Covid-19 omicron variant. February-dated crude added 58 cents, or 0.8%, to finish at $76.56 per barrel.

Meanwhile, gold prices settled lower, though they still managed to close above the psychologically significant $1,800 level. Today's negative price action followed rising Treasury yields, and came in spite of a weaker U.S. dollar. February-dated gold shed $5.10, or 0.3%, to close at $1,805.80 per ounce.

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