US S&P 500 Index

The S&P 500 rose 0.6% at the start of the holiday-shortened week, extending Wall Street’s bullish momentum amid a broad-based advance, supported by strength in oil and gold, which rallied as the US dollar weakened. Equities erased their December losses, with the S&P 500 set for an eighth straight up month – the longest winning run since 2018. About 400 of its shares rose Monday as the gauge approached a record. Despite bouts of volatility and concerns about the AI trade, tech has led the market to the upside this year, a very different story from the ASX.

• We continue to believe it’s a matter of time before the bellwether index tests the psychological 7000 level.