Trading was slow Friday, with modest losses. But on the whole, Wall Street looks back on another successful year.
New workplace laws taking effect in January strengthening employees’ health, safety and wage protections and ban corporate muzzling of discrimination victims. But many more mandates tagged “job killers” were stopped from becoming law.A wave of consumer demand fueled by the reopening of economies pumped up corporate profits more than expected in 2021, which helped keep investors in a buying mood.
Along the way, the S&P 500 set 70 all-time highs, its most recent one on Wednesday. In the post-World War II era, that’s the most new highs for the index since the 77 it set in 1954.Some were just in it for the money. Others saw a chance to stick it to Wall Street. Between them, they made GameStop the latest symbol of chaotic internet-fueled change.
“Although there are a lot of things that people were nervous about all year and continue to be nervous about as we head to ’22, at the end of the day the U.S. [stock] market still seems to be the best game in town,” Kinahan said. Trading was very slow Friday, with most of Wall Street on vacation and many fund managers having already closed out their positions for 2021.
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