Wall Street Markets Wipe Out Gains After Reaching an Early High

New York Stock Exchange Floor Governor Brendan Connolly, left, works with traders Peter Tuchman, John Panin and Sal Suarino, second left to right, on the floor of the NYSE. AP Photo/Richard Drew

Stocks on the S&P 500 and the Dow closed down on Dec, 30, after giving up its early gains late in the trading session breaking what could have been its longest streak of gains since March.

The market initially rallied after weekly jobless claims fell more than expected, calming fears of the Omicron variant’s effect on the U.S. economy.