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Wall Street extends rally

The S&P 500 (SPX), Wall Street’s broadest gauge, opened up 1.3%, while the Dow (INDU) rose 0.9%, or 330 points. The Nasdaq Composite (COMP), which had lagged behind the others on Monday, gained 1.9%.

“Forget about a ‘turnaround’ for now, this Tuesday is looking more like a terrific one,” said analysts at Bespoke Investments of the rally.

It has been a volatile few weeks in the market, which was first shaken by worries about the Omicron variant, then by the Federal Reserve’s announcement that it might end its pandemic-era stimulus program sooner than expected.

But Monday’s ascent may have had more to do with technical factors: It’s the end of the year and the major indexes have decent returns to show for themselves. The S&P is up more than 22%, while the Nasdaq has climbed more than 18% and the Dow more than 15%. For investors rethinking where they want their money, this might be a time of shifting their portfolio around.

Next week Friday is also what’s known as “quadruple witching” when contracts on four types of financial assets expire. It’s often a period of some volatility, and investors may already be preparing for it.

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