What Happened in the Market This Week?

After two weeks of the market being down as a result of the initial Omicron scare, stock prices have swelled this week as many hope that the Omicron variant is not as threatening as suspected. This week, the Dow Jones rose 887.86 points (2.53%) to 35,970.99, the S&P 500 rose 145.04 points (3.18%) to 4,712.02, and the NASDAQ rose 581.05 points (3.86%) to 15,630.60. The growth in the S&P 500 was so immense this week that this has been its best week since February of 2021. On the other hand, crypto did not do so well this week. This week, Bitcoin fell 2,234.50 points (4.56%) to 48,322.40, Etherium fell 3.6866 points (9.32%) to 35.8791, and Cardano fell 0.1124 points (8.12%) to 1.2720.

This week, pleasing earnings were announced from companies including Costco (COST), Broadcom (AVGO), and Oracle (ORCL), as their prices have soared since their reports. On the other hand, other stocks have been receiving some negative responses after their reported earnings, including Lululemon (LULU) and Chewy (CHWY). BuzzFeed (BZFD) went public on Monday with an IPO of $10.99, which eventually fell about 45% throughout the week to $6.07 at closing. 

On Friday, the Consumer Price Index (CPI), which measures inflation, was released. The CPI increased 0.8% over the month of November alone, while the CPI growth over the past year was 6.8%, which was the fastest rate of CPI since June 1982. It has been shown that the main contributors to inflation include food and energy. From this news, the U.S. markets have had favorable responses to the report, as stocks rose significantly due to inflation, increasing economic growth. However, inflation is bad for individuals because it makes them pay more for goods and services. 

Weekly Market Stats

Weekly Market Graphs

This Week’s Gainers

This Week’s Losers

This Week Ahead

Monday December 13:

• H&R Block Inc (HRB) Reports Earnings

Tuesday December 14:

•  U.S. Producer Price Index (Of November)
•  Federal Open Market Committee (FOMC) Meeting

Wednesday December 15:

• Daily Journal Corp (DJCO) Reports Earnings
• Nordson Corp (NDSN) Reports Earnings
• Trip.com Group Ltd (TCOM) Reports Earnings
• Federal Open Market Committee (FOMC) Meeting

Thursday December 16:

• Adobe Inc (ADBE) Reports Earnings
• Accenture PLC (ACN) Reports Earnings
• Scholastic Corp (SCHL) Reports Earnings
• FedEx Corp (FXD) Report Earnings

Friday December 17:

• Darden Restaurants Inc (DRI) Reports Earnings

***Above data is taken From Yahoo Finance and Investopedia