Stock Market News Live Updates: S&P 500 Closes At All-Time High Jump-Starting The Santa Claus Rally

Dec 27, 2021

Stock Market News Live Updates: S&P 500 Closes At All-Time High Jump-Starting The Santa Claus Rally

On Monday, the S&P 500 set a new record.

The index surpassed its previous high for the second trading day in a row, as markets surged ahead of the last week of the year. All three main US indices rose, signaling equity market bulls that the Santa Claus Rally continues.

During the closing bell, the S&P 500 rose 1.38% at 4,791.19, while the Dow was up 350 points to 36,302.38. The Nasdaq Composite rose 1.39% to close at 15,871.26.

Despite a surge in coronavirus instances, the S&P 500 reached an intraday high in early trade, marking its 69th record close of the year.

The year-ending Santa Claus Rally is gaining traction, with equities rising in the last five trading days of 2021, as well as the first two trading sessions of 2022. For unknown reasons, the S&P 500 has risen 77% of the time during the year-ending rally phase for the last 92 years, as Sundial Capital Research statistics show. During these seven days of trading, the typical increase was 2.66%.

Markets will enter 2022 with many significant issues to contemplate, the most important of which will be the spreading of the virus and growing inflation, as well as the Fed's actions in reaction.

"Inflation and the Omicron variant are the two biggest drivers for the financial markets currently," said Francis Oh, APAC CEO of Qraft Technologies. "I believe such triggers are already factored into market volatility... Yet, I believe the market will pull back."

Merck (MRK) obtained approval from the US Food and Drug Administration the previous week for its coronavirus medicine, just a day after Pfizer (PFE) was also licensed for the usage of its medication.

As recent studies showed, molnupiravir, a pill made by Merck in partnership with Ridgeback Biotherapeutics, cut hospitalizations and death levels by roughly 30%. At the same time, Pfizer's drug showed 90% efficacy in decreasing possible death incomes in high-risk patients.

"One of the ways pandemics terminate is when the virus undergoes multiple mutations. It seems that Omicron may be our savior in that aspect, with major mutations that are distinct enough from the parent to prevent individuals from becoming ill as much," True Health Initiative President Dr. David Katz commented.

Shareholders sorted through economic reports before the holiday break.

The Labor Department stated that initial unemployment numbers reached 205,000, following a declining trajectory from their pandemic records and signaling job market tightening as the new year approaches. The most recent statistic pushes the four-week moving average for new claims to its lowest point in 52 years, increasing by 2,750 over a week to 206,250.

Meanwhile, retail prices in the US increased at the steepest pace in almost four decades, as consumers confronted increasing inflation before Christmas.

"Workers have significant bargaining leverage, which is expected to result in continuing pay growth," Girard Chief Investment Officer Timothy Chubb said. "What concerns us from an inflation perspective is the moment at which some of those inflation threats pass the torch to the employment market."

In other news, November's property sales in the US rose by 12.4% to a seven-month peak of 744,000, bolstered by low mortgage rates and surged demand in the property market.

US durable commodities sales increased by 2.5% in the previous month, buoyed by a substantial increase in plane purchases.

"We've been stating that this is absolutely a buy the dip market, as we forecast further income increases," Anik Sen, global head of equities at PineBridge Investments, pointed out. "We feel that the true discussion should be on the duration and severity of the next economic cycle."

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South Korean CBDC – 7 South Korean Banks to Join Issuing The Digital Currency Since cryptocurrencies arrived on the financial scene and changed how people transact and transfer money, central banks have become more interested in developing their own virtual payment systems. After Russia, China, Nigeria, India, and Jamaica, South Korea is taking a major step toward introducing its own Central Bank Digital Currency in an upcoming pilot program involving the public and some major banks. The initiative aims to test the feasibility of a digital currency within the existing financial system, enabling a limited number of citizens to transact with CBDC at selected merchants and Points of Sale. This move aligns with the global trend of central banks exploring digital currencies to enhance payment efficiency, reduce transaction costs, and modernize the financial landscape. South Korea CBDC Pilot Program Bank of Korea (BOK), in collaboration with financial regulators, announced an initiative to test the rolling out of CBDC involving seven major banks and 100,000 participants. The pilot program “Project Hangang” is scheduled to run from April to June 2025, focusing on testing deposit tokens issued by banks and backed by the CBDC. These banks include KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH NongHyup Bank, Industrial Bank of Korea (IBK), and Busan Bank. These tokens will be used for transactions in both online and offline retail environments, allowing the government and financial institutions to evaluate their effectiveness. Users and Merchants Participation The BOK is expected to announce the project by the end of March, asking 100,000 South Koreans to participate in the pilot and convert their traditional bank deposits into digital tokens for payments. Individuals will be limited to a maximum holding of 1 million WON (approximately $687) and a total transaction cap of 5 million WON during the trial’s duration. Various merchants, including convenience stores, supermarkets, coffee shops, and online platforms, will accept these tokens as payment. Notable participants include 7-Eleven, Hanaro Mart, Ediya Coffee, Silla University, and Hyundai Home Shopping. This will help assess the practicality and usability of the CBDC across different retail settings. Global Adoption of CBDC The South Korean CBDC initiative is part of a broader global trend, with many countries exploring digital currencies to modernize their financial systems. The Bank for International Settlements (BIS) has been actively promoting CBDC projects worldwide, with major economies such as China, the European Union, and the United States conducting their own trials. China’s digital Yuan e-CNY is already in an advanced phase, with widespread adoption in various sectors. The European Central Bank is also working on a digital Euro, while the US Federal Reserve is researching the potential implications of a digital Dollar. These initiatives aim to improve payment efficiency, enhance financial inclusion, and strengthen monetary policy frameworks. Conclusion South Korea’s CBDC pilot marks a significant step toward digital financial transformation. By involving the public, key banking institutions, and merchants, the trial will offer critical data on the viability of digital currencies. As more countries explore CBDCs, these findings could influence future implementations worldwide, paving the way for a more efficient payment system.

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South Korean CBDC – 7 South Korean Banks to Join Issuing The Digital Currency

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