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Market Coverage: Wednesday December 29 Yahoo Finance finance news



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U.S. stocks edged higher Wednesday morning though hovering just above their flatline after the S&P 500 took a breather in the previous trading day, closing out a choppy session in the red as the index ceased a four-day climb toward its 70th all-time high.

The Dow, S&P and Nasdaq ticked up slightly after futures pointed to a mixed open.

Markets closed on a mixed note Tuesday following seesaw action from all three major indexes as investors weighed rising coronavirus cases across the globe. After reaching an intraday high, the S&P 500 reversed course midday to tick down, while the Dow extended a five-day winning streak. The Nasdaq faltered, dragged down by continued selling in tech stocks.

Main Street Asset Management CIO Erin Gibbs told Yahoo Finance Live that pullbacks caused by the Omicron variant resemble those that occurred when the Delta strain first took course and are likely to see the same gradual but upward recovery.

“We encourage our clients to stay in the markets, not to get out, because when those recoveries hit and when the sentiment changes, it happens so quickly that often by the time you get back into the market, you’ve already missed out,” she said.

Global COVID-19 cases hit a daily record this week, with more than 1.44 million worldwide infections reported as of Monday, according to Bloomberg. Infections from the highly-transmissible Omicron variant — found to spread 70 times faster than previous strains — comprised much of the newly tracked cases, though studies indicate illness caused by the strain is less likely to be severe or lead to hospitalizations.

The CDC also eased its guidance for quarantining after exposure to the virus, halving its recommendation to isolate upon a positive test from 10 to five days.

December was a volatile month for investors who weighed the strain’s impact on the economy, but recent developments that indicate Omicron may cause milder disease helped markets shake off earlier concerns.

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Market Coverage: Wednesday December 29 Yahoo Finance
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