S&P 500 Sets Post-Holiday Record

As markets opened on Monday the S&P 500 stock index scaled record heights reaching 4750 in the morning, up by more than 1000 points year-over-year for a 27% rise.

Nonetheless COVID-19 still was a drag on the markets as airline stocks were affected by the cancelation of thousands of flights as well as staffing shortages.

“We do not expect Omicron to impact the growth outlook in any significant way, but rather it is likely to accelerate the end of the pandemic,” wrote JPMorgan analysts in a note on Monday.

According to November’s Federal Reserve Financial Stability Report approximately 25% of the market contacts interviewed considered a correction to asset valuations a potential shock over the next 12 to 18 months.

The S&P index tracks 500 listed US companies with a market capitalization of more than $13.1 billion.