S&P And Nasdaq End Winning Streak At Day 4, Dow Extends Theirs To Day 5  Image: Bigstock Stocks closed mixed yesterday with the S&P and Nasdaq ending their winning streak at 4 days, while the Dow extended theirs to 5 days. The news out yesterday was the same as the days before – worries persist over rising Omicron cases, but the improving economy has been a bigger boost to stocks. And the seasonal tendency, which shows December being a strong month for stocks, doesn't hurt. MTD, the Dow is up 5.55%, the S&P is up 4.80%, and the Nasdaq is up 1.57%.
YTD, those returns come in at 18.9% for the Dow, 27.4% for the S&P, and 22.5% for the Nasdaq. Yesterday's Redbook report showed same store retail sales up 21.4% y/y, up from last week's snapshot of 16.4%. The better than expected news comes on the heels of holiday sales surging 8.5% over last year, making it the strongest pace in 17 years. The Case-Shiller Home Price Index (20-city, unadjusted), rose 0.8% m/m, matching last month's 0.8% gain, but just missing the consensus for 1.0%. On a y/y basis, it's up 18.4%, a bit slower than last month's 19.1%, and views for 18.6%. But it's slowing from 'highly elevated levels.' And 18.4% is still a stellar gain. The FHFA House Price Index rose 1.1% m/m and 17.5% y/y, beating the consensus for 0.7% and 16.9% respectively. And the Richmond Fed Manufacturing Index rose to 16 vs. last month's upwardly revised 12 and views for 11. Today we'll get Pending Home Sales, Retail and Wholesale Inventories, the Survey of Business Uncertainty report, and the State Street Investor Confidence Index. There are now exactly 3 trading days left in the month and the year. If all goes well, the Santa Claus rally should continue. And with the major indexes trading near their all-time highs, it won't take much to send them breaking out even higher. So make sure you're taking full advantage of it. See you tomorrow,  Kevin Matras
Executive Vice President, Zacks Investment Research | 
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