Dow Rises for 5 Consecutive Days... S&P 500 Surpasses Nasdaq in Annual Gains

by Paek Jongmin

Published 29 Dec.2021 06:54(KST)

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market showed mixed trends. The Dow Jones Industrial Average continued its strong performance, rising for the fifth consecutive day. The S&P 500 index fell slightly but surpassed the Nasdaq in annual gains.

[Image source=Reuters Yonhap News]

On the 28th (local time), the Dow Jones Industrial Average rose 95.83 points (0.26%) to close at 36,398.21, the S&P 500 index fell 4.84 points (0.10%) to 4,786.35, and the Nasdaq index dropped 89.54 points (0.56%) to 15,781.72.

The S&P 500 index had been on a record-breaking winning streak until the previous day, but closed slightly lower due to profit-taking on this day. The S&P 500 and Nasdaq indices both declined for the first time in five trading days.

According to CNBC, the S&P 500 had risen 28% until the previous day, surpassing the Nasdaq’s 23% gain. This is the first time in five years since 2016 that the S&P 500’s annual gain has exceeded that of the Nasdaq. CNBC noted that with only three trading days left this year, it is impossible for the Nasdaq to surpass the S&P 500’s annual gain.

Apple, which was in the spotlight for potentially breaking the $3 trillion market capitalization barrier for the first time ever, fell 0.58%, postponing the record achievement to another opportunity.

Nvidia, which had risen 4% the previous day, dropped 2%, and semiconductor stocks such as Marvell Technology and Micron Technology also showed weakness.

Tesla closed down 0.5% despite Wedbush Securities’ favorable review. Wedbush praised Tesla for overcoming semiconductor supply shortages this year and predicted significant achievements next year as well.

Unlike the decline in tech stocks, airline stocks, which had fallen due to a series of flight cancellations, rebounded collectively. Boeing also rose 1.5%.