US Dow, S&P 500 reaches new record

The US stocks were mostly higher in choppy trading on Wednesday, 29 December 2021, with the Dow and the S&P 500 reached new record closing highs on a boost from retailers including Walgreens and Nike, while the Nasdaq settled on opposite sides of the unchanged line amid a rotation out of megacap tech shares.

At the close of trade, the Dow Jones Industrial Average index advanced 90.42 points, or 0.25%, to 36,488.63. The S&P500 index added 6.71 points, or 0.14%, to 4,793.06. The tech-heavy Nasdaq Composite Index dropped 15.51 points, or 0.1%, to 15,766.22.

Shares of retailers rose on reports that sales were generally positive across the holiday period.

Shares of Victoria's Secret rose 12.2% after the intimate apparel retailer reported strong holiday sales and announced a $250 million accelerated share repurchase program.

Shares in airlines fell after rising Omicron cases forced hundreds of flights to be cancelled.

ECONOMIC NEWS: The National Association of Realtors showed that pending home sales index slid 2.2% to 122.4 in November after spiking 7.5% to 125.2 in October.

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