The US major stock indices are closing mixed:

• The Dow industrial average is closing up 214.57 points or 0.59% at 36799.64. That is a new record close. Intraday, the price it reached a new all-time record high 36934.84. The index has 2 record closes in 2022.
• The S&P index closed down -3.04 points or -0.06% at 4793.53. It closed at record level yesterday intraday, a new intraday high was reached at 4818.62
• The NASDAQ index was the laggard the day with a sharp decline of -210.07 points or -1.33% at 15622.73.

The move lower in the NASDAQ was helped by higher yields along the longer end of the curve. However, yields did come off there highs for the day, and the two and 10 year yields were actually lower.

• The 10 year yield reached a day high of 1.686%. There is resistance at 1.705%
• The 30 year yield reached 2.103%. It is trading at 2.061% currently.

The major European indices are closing higher for the second consecutive day as equity trading gets off to a good year in 2022.

The provisional closes are showing:

• German DAX, +0.7%
• France’s CAC, +1.3%
• UK’s FTSE 100, +1.5% (the UK market was closed yesterday)
• Spain’s Ibex +0.6%
• Italy’s FTSE MIB +0.4%

In the European debt market, the benchmark 10 year yields are ending the day mixed/little changed with the exception of the UK 10 year which is up 11.8 basis points.

In other markets as European/London traders look for the exits shows:

• Spot gold is up $10.76 or 0.60% at $1812.24
• Spot silver is up eight cents or 0.35% at $22.95
• WTI crude oil futures are trading up $0.63 at $76.72
• Bitcoin is trading at $46,722 little change from morning US levels

In the US stock market the NASDAQ index suffers while the Dow industrial average as traded to a new all-time intraday high. The S&P index is trading above and below unchanged after reaching an all-time high earlier in the day. Both the Dow and S&P closed at record levels yesterday:

• Dow industrial average up 218 points or 0.60% at 36803
• S&P index down -5.5 points or -0.12% at 4791.06
• NASDAQ index -251 points or -1.59% at 15581
• Russell 2000-10.74 points or -0.47% at 2262.03

In the US debt market, the selling continues out the longer end of the curve with the tenure up 4.5 basis points and the 30 year up 7.8 basis points. The yield curve is showing the 2 – 10 year spread up to 91.3 basis points from 84.4 basis points at the close yesterday

The major stock indices all posted gains in trading today, with the S&P and Dow industrial average both closing at a new record highs to start the trading year.

• The NASDAQ index closed higher for the first time in five sessions
• Dow closed above its previous record close at 36488.64. Its hi price today was short of the all-time intraday high of 36679.44
• S&P index closed above its record high 4793.05. The high today was short of all time record high at 4808.93

Energy lead the way with a 3.1% gain followed by consumer discretionary is at 2.9%. Financials rose by 1.2% and technology rose 0.9%.

Apple topped 3 trillion in market capitalization today but backed off below that level at the close.

The final numbers are showing:

• Dow industrial average rose 246.76 points or 0.68% at 36585.07
• S&P index rose 30.38 points or 0.64% at 4796.57. Its hi price reached 4796.64
• NASDAQ index rose 187.83 points or 1.2% at 15832.80.
• Russell 2000 rose 27.24 points or 1.21% at 2272.55.

The Dow industrial is the only major indice to close higher today. However, it fell just short of closing at a record level of 36432.23. The S&P index, which closed at a record level yesterday, moved to a new intraday high, but closed lower on the day.

• Dow has been up for 5 consecutive days
• The Nasdaq index snapped its 4 day win streak
• The new intraday high for the S&P is at 4807.02. It snapped a four day win streak

The final numbers are showing:

• Dow industrial average rose 95.83 points or 0.26% at 36398.22
• S&P index fell -4.84 points or -0.10% at 4786.34
• NASDAQ index fell 89.53 points or -0.56% at 15781.73
• Russell 2000 fell -14.95 points or -0.66% at 2246.50

Looking at the daily chart of the Dow industrial average, the high price today reached 36527.26. That was just off the all-time intraday high price of 36565.73 or 1732 points higher from its low reached on December 17

The major indices are closing near the session highs, and completing the second day of the “Santa Claus Rally” which saw strong gains yesterday, and solid gains again today.

Recall from yesterday, US equities finished the day slightly off highs:

• S&P 500 +1.8%
• Nasdaq +2.0%
• DJIA +1.6%
• Russell 2000 +2.7%

The gains yesterday snapped a three day losing streak, and a six day period that saw stocks move down five of the six trading days.

The final numbers today are showing:

• Dow industrial average rose 261.20 points or 0.74% of 35753.88
• S&P index rose 47.33 points or 1.02% to 4696.55
• NASDAQ index rose 180.82 points or 1.18% 15521.90
• Russell 2000 rose 18.95 points or 0.86% at 2221.90

All 11 components of the S&P index rose on the day led by consumer discretionary’s +1.8%, technology was up +1.3% and health was up +1.1%.

US equities finished the day slightly off the highs but posted strong gains.

• S&P 500 +1.8%
• Nasdaq +2.0%
• DJIA +1.6%
• Russell 2000 +2.7%