The Virtus Equity & Convertible Income Fund (NIE) experienced a positive movement, driven by a rally in major technology stocks that lifted U.S. benchmarks. The S&P 500 and Nasdaq 100 saw gains of 0.7% and 1%, respectively, as tech giants like Tesla and Nvidia led the charge. This surge in tech stocks helped erase earlier losses caused by weaker-than-expected U.S. consumer confidence data. Analysts, such as Craig Johnson from Piper Sandler, suggest that the primary uptrends for equities remain intact, and a "Santa Claus Rally" is anticipated, further boosting investor sentiment.
The NIE ETF closed at $24.26, marking a 1.76% increase from the previous close of $23.84.