Wall Street is coming off a quiet holiday week where the major averages posted flat returns. The S&P 500 fell 0.2% last week as some investors took the chips off into the year-end. The 30-stock Dow eked out a 0.1% gain for the same period. Profit-taking could ramp up in the final week of the year, which has so far seen surprisingly strong returns. The S&P 500 has gained 14.6% year to date, while the Dow has climbed 5.8%. The Nasdaq has soared 42.7% this year as investors favored high-growth technology names during the ongoing Covid-19 pandemic.
Dr. Anthony Fauci warned on Sunday that the country could see a surge in new Covid-19 infections after Christmas and New Year’s celebrations. Two vaccines by Pfizer and Moderna have begun the distribution process this month. So far over one million people in the U.S. have been vaccinated.