Arizona Tribune - US stocks push higher while gold, silver notch fresh records

Gold and silver also struck fresh record highs, as the United States pushed on with its Venezuela oil blockade.

US market watchers are expecting a low-key week, with equity markets closing early Wednesday and all day Thursday for the Christmas holiday, a dynamic expected to result in light trading volumes.

"US stock indices continue to power ahead in what some describe as the long-awaited traditional 'Santa rally'," said Axel Rudolph, an analyst at IG trading platform.

All three major US indices finished solidly higher after spending the entire day in positive territory. The broad-based S&P 500 closed up 0.6 percent.

Interactive Brokers' Steve Sosnick predicted stocks would drift higher in the absence of major trading catalysts.

"Barring any outside shocks, this kind of pattern is likely to prevail until the end of the year," Sosnick said.

Most leading tech names advanced in New York.

Tech firms also led the rally in Asia, with South Korea's Samsung Electronics, Taiwan's TSMC and Japan's Renesas among the best performers.

Tokyo was the standout, piling on 1.8 percent thanks to a weaker yen.

Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington, Taipei and Manila stock markets all saw healthy advances.

However, in Europe both London and Paris fell, while Frankfurt ended the day flat.

Gold, which benefits from expectations of lower US interest rates, hit a fresh record of $4,442.19, while silver also struck a new peak.

The precious metals, which are go-to assets in times of crisis, also benefited from geopolitical worries as Washington steps up its oil blockade against Venezuela and after Ukraine hit a tanker from Russia's shadow fleet in the Mediterranean.

Oil prices rose more than two percent amid the geopolitical tensions.

Forex traders are keeping tabs on Tokyo after Japan's top currency official said he was concerned about the yen's recent weakness, which came after the central bank hiked interest rates to a 30-year high on Friday.

The comments stoked speculation that officials could intervene in currency markets to support the yen, which fell more than one percent against the dollar Friday after bank boss Kazuo Ueda chose not to signal more rate increases early in the new year.

Meanwhile, Oracle tech tycoon Larry Ellison offered a $40.4 billion personal guarantee to back Paramount's hostile bid for Warner Bros. Discovery, deepening a bidding war with Netflix.

Shares in Paramount jumped 4.3 percent and those in Warner Bros. Discovery rose 3.5 percent. Shares in Netflix slid 1.2 percent.

- Key figures at around 2115 GMT -

New York - Dow: UP 0.5 percent at 48,362.68 (close)

New York - S&P 500: UP 0.6 percent at 6,878.49 (close)

New York - Nasdaq Composite: UP 0.5 percent at 23,428.83 (close)

London - FTSE 100: DOWN 0.3 percent at 9,865.97 (close)

Paris - CAC 40: DOWN 0.4 percent at 8,121.07 (close)

Frankfurt - DAX: FLAT at 24,283.97 (close)

Tokyo - Nikkei 225: UP 1.8 percent at 50,402.39 (close)

Hong Kong - Hang Seng Index: UP 0.4 percent at 25,801.77 (close)

Shanghai - Composite: UP 0.7 percent at 3,917.36 (close)

Dollar/yen: DOWN at 156.99 yen from 157.75 yen on Friday

Euro/dollar: UP at $1.1756 from $1.1710

Pound/dollar: UP at $1.3458 from $1.3379

Euro/pound: DOWN at 87.35 pence from 87.52 pence

West Texas Intermediate: UP 2.6 percent at $58.01 per barrel

Brent North Sea Crude: UP 2.7 percent at $62.07 per barrel

burs-jmb/msp

A.Ruiz--AT