Shares of technology companies rose as traders rotated back into some of the market leaders from 2021.

Seasonal factors could keep this momentum-driven rally going, according to one strategist. The last five trading sessions of the year and the first two of the new year are associated with the "Santa Claus rally," said Ryan Detrick, chief market strategist at brokerage LPL Financial.

"There isn't a single seven-day combo out of the full year that is more likely to be higher than the 78.9% of the time higher we've seen previously during the Santa Claus Rally," said Mr. Detrick, in a note to clients.

Shares of Tesla, which had been under pressure in recent weeks, rose by more than 6%, coming close to the psychologically significant $1,000 level, even as Chief Executive Elon Musk sold more stock and U.S. regulators probed certain features in its cars. The ability to play videogames while driving has been available for roughly a year in some vehicles and "may distract the driver and increase the risk of a crash," the National Highway Traffic Safety Administration said, in documents related to a new probe.

Skillsoft agreed to buy rival U.S.-based educational technology company Codecademy for $525 million in cash and stock, the companies said, the latest bet on consolidation in the online learning market.

Amazon.com's cloud-computing unit suffered a new outage, at least its third this month, which appeared to cause internet issues for some companies.

Singapore-based cryptocurrency platform Crypto.com will run its first Super Bowl commercial in February as it seeks to become a household name.

Organizers of the Consumer Electronics Show, or CES 2022, are pressing ahead with plans to host tens of thousands of people in Las Vegas next month, setting up the technology conference as a test for mass business gatherings during the Omicron era. Some prominent tech companies, including Facebook owner Meta, will not be attending.

Apple shares rose after analysts at brokerage Morgan Stanley said iPhone production may "surprise to the upside," despite earlier signs that smart-phone productions was snarled by chip supply issues. In a research note, the brokerage pointed to a "handful of data points in the last month that suggests supply of semi[conductor]-related components is improving in the December quarter." 


 Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-22-21 1722ET