S&P 500 slips back from session highs above 4800, still on course for massive monthly/annual gains By Frank_Macro SP500 Equities
the north of the 4800 level. That means the index is now nearly 6.0% up versus last Monday’s lows and with three and a half sessions left to go of the month, is on course to post a monthly gain of more than 5.0%. If the index was to close out the year at current levels, that would translate into gains of about 27%.
Traders have cited a cocktail of positives as behind the rally seen in equities this week. Firstly, concerns about the impact of the Omicron Covid-19 variant have eased substantially since last week as it becomes clear that the new variant is far milder than any prior variants and after new pills were approved in the US that will substantially lower Covid mortality.
index is stable just underneath the 18.00 level and close to its lowest point of the month. Recall that the index went as high as 35.00 earlier this month, its highest since January.
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