The New York stock market ended the day with mixed results on December 26.
Although markets reopened after the Christmas closure, many investors remained on holiday, resulting in thin trading volumes and a relatively flat close.
Tesla and NVIDIA both declined, while Apple saw modest gains. Following December 24, Apple topped its second straight record high.
Stocks fluctuate in narrow range
The major indices finished mixed amid low trading volume.
The Dow Jones Industrial Average, composed of 30 large-cap stocks, continued its upward trend, closing up 28.77 points (0.07%) at 43,325.80.
This marked the Dow’s fifth consecutive day of gains since December 19.
Meanwhile, the S&P 500 best reflects market situations, and the tech-heavy Nasdaq snapped its four-day winning streak.
The losses, however, were not significant.
The S&P 500 dipped 2.45 points (0.04%) to 6,037.59, while the Nasdaq shed 10.77 points (0.05%), closing at 20,020.36.
Apple hits another record high for the second consecutive day
Apple, the world’s largest company by market capitalization, set a new all-time high for the second straight trading day following December 24.
After closing at a record $258.20 on December 24, Apple’s stock climbed another $0.82 (0.32%) to $259.02, further extending its historic run.
Wedbush Securities analyst Dan Ives raised his price target for Apple from $300 to $325, citing artificial intelligence (AI) as a catalyst for a “golden age of growth.”
Ives’ target significantly surpasses the Wall Street consensus of $248.14.
He argued that Wall Street underestimates that the iPhone is entering a multi-year device upgrade cycle driven by AI capabilities.
Apple’s market capitalization swelled to $3.92 trillion, getting closer to becoming the first company to reach the $4 trillion milestone.
Tesla and NVIDIA decline
In contrast, Tesla and NVIDIA both saw declines.
NVIDIA, which had risen for four consecutive days until December 24, closed down $0.29 (0.21%) at $139.93.
After surging 7.4% on December 24, Tesla fell $8.15 (1.76%) to end at $454.13.
Tesla will release its fourth-quarter delivery data around January 2. Analysts project record shipments of approximately 510,000 vehicles.
Oil prices slip on strong dollar
International oil prices retreated.
Initial gains fueled by expectations of large-scale economic stimulus in China were erased as the dollar strengthened.
Brent crude, the global benchmark, for next February delivery settled at $73.26 a barrel, down $0.32 (0.43%).
U.S. West Texas Intermediate (WTI) crude for February delivery fell $0.48 (0.68%) to $69.62 a barrel.
WTI had closed above $70 on December 24 but dipped below that threshold after just one trading session.
