{"id":48618,"date":"2024-12-24T19:01:40","date_gmt":"2024-12-24T19:01:40","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/"},"modified":"2024-12-24T19:01:40","modified_gmt":"2024-12-24T19:01:40","slug":"market-recap-stocks-rise-in-shortened-christmas-eve-session","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/","title":{"rendered":"Market Recap: Stocks Rise in Shortened Christmas Eve Session"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Major_Indexes_Close_Higher_as_Santa_Claus_Rally_Begins\" >Major Indexes Close Higher as Santa Claus Rally Begins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Current_Market_Performance\" >Current Market Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Sector_Performance_and_Market_Breadth\" >Sector Performance and Market Breadth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#%E2%80%9CMagnificent_Seven%E2%80%9D_Stock_Performance\" >&#8220;Magnificent Seven&#8221; Stock Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Market_Sentiment_and_Upcoming_Events\" >Market Sentiment and Upcoming Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Santa_Claus_Rally_and_Market_Outlook\" >Santa Claus Rally and Market Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Individual_Stock_Movements\" >Individual Stock Movements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Other_Market_Indicators\" >Other Market Indicators<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rise-in-shortened-christmas-eve-session\/48618\/#Looking_Ahead\" >Looking Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Major_Indexes_Close_Higher_as_Santa_Claus_Rally_Begins\"><\/span>Major Indexes Close Higher as Santa Claus Rally Begins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Tuesday, December 24, 2024, Wall Street closed higher in a shortened Christmas Eve trading session, marking the beginning of the historically strong &#8220;Santa Claus rally&#8221; period. The stock market demonstrated resilience as investors focused on the Federal Reserve&#8217;s interest rate outlook for 2025 and the performance of several &#8220;Magnificent Seven&#8221; stocks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_Market_Performance\"><\/span>Current Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As of the 1:00 p.m. ET close:<\/p>\n<p>&#8211; The <b><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=SPX\">SPX<\/a>)<\/b> gained 0.7%, or 43.22 points, ending at 5,974.07.<br \/>&#8211; The <b>Nasdaq Composite<\/b> advanced 1% or 192.29 points to 19,764.89.<br \/>&#8211; The <b><a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=DJI\">DJI<\/a>)<\/b> rose 0.2% or 66.69 points to close at 42,906.95.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sector_Performance_and_Market_Breadth\"><\/span>Sector Performance and Market Breadth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Four of the eleven broad sectors of the S&#038;P 500 closed in positive territory. The Technology Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLK\">XLK<\/a>) led the gains with a 0.9% increase, followed by the Health Care Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLV\">XLV<\/a>) at 0.5%, and the Consumer Discretionary Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLY\">XLY<\/a>) at 0.1%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CMagnificent_Seven%E2%80%9D_Stock_Performance\"><\/span>&#8220;Magnificent Seven&#8221; Stock Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several of the &#8220;Magnificent Seven&#8221; stocks showed strong performance:<\/p>\n<p>&#8211; <b>NVIDIA Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b>: Up 3.7%<br \/>&#8211; <b>Tesla, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b>: Increased by 2.3%<br \/>&#8211; <b>Meta Platforms, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b>: Surged by 2.5%<br \/>&#8211; <b>Alphabet Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOGL\">GOOGL<\/a>)<\/b>: Gained about 1.6%<br \/>&#8211; <b>Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>)<\/b> and <b>Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>)<\/b>: Modest increases<br \/>&#8211; <b>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>)<\/b>: Fell by 0.3%<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Upcoming_Events\"><\/span>Market Sentiment and Upcoming Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The fear-gauge CBOE Volatility Index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=VIX\">VIX<\/a>) decreased 8.6% to 16.78, indicating reduced market anxiety. Trading volume was lower than the last 20-session average, with 12.76 billion shares traded on Monday.<\/p>\n<p>Investors are closely watching the Federal Reserve&#8217;s future policies. The CME FedWatch tool shows a 91.4% likelihood of the Fed keeping rates unchanged at its January meeting. Traders expect the Fed to maintain rates in the range of 4% to 4.25% by the end of 2025, slightly higher than previous projections.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Santa_Claus_Rally_and_Market_Outlook\"><\/span>Santa Claus Rally and Market Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The market has entered the &#8220;Santa Claus rally&#8221; period, which historically sees the S&#038;P 500 gain an average of 1.3% in the last five trading days of December and the first two of January. However, some market participants are questioning whether U.S. stocks will continue to climb to new record highs in the coming days, given concerns about market health and high valuations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Individual_Stock_Movements\"><\/span>Individual Stock Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8211; <b>U.S. Steel (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=X\">X<\/a>)<\/b>: Fell 2.3% in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading as Nippon Steel&#8217;s $15-billion bid for the company was referred to President Joe Biden.<br \/>&#8211; <b>American Airlines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAL\">AAL<\/a>)<\/b>: Shares declined after a technical issue briefly grounded all flights on one of the busiest travel days of the year.<br \/>&#8211; <b>Broadcom (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AVGO\">AVGO<\/a>)<\/b> and <b>Advanced Micro Devices (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>)<\/b>: Continued to rise in early trading, boosted by analysts&#8217; bullish comments about their artificial intelligence potential.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Market_Indicators\"><\/span>Other Market Indicators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8211; Treasury yields edged higher, with the 10-year yield ticking up to 4.63%.<br \/>&#8211; The U.S. dollar strengthened, following Treasury yields higher.<br \/>&#8211; <b>Bitcoin (BTCUSD)<\/b> surged to $97,000 after tumbling below $93,000 the previous day.<br \/>&#8211; Oil futures traded slightly higher, with West Texas Intermediate at about $69.75 a barrel.<br \/>&#8211; <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures remained relatively stable.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As 2024 comes to a close, the stock market is poised to round off its second consecutive year of gains. However, investors remain cautious about the potential impact of higher interest rates and market valuations. The shortened holiday trading week may see choppy trading due to light volumes, but the historical Santa Claus rally could provide a positive end to the year.<\/p>\n<p>Markets will be closed on Wednesday for Christmas and will reopen on Thursday morning. Investors will be watching for any developments that could impact the market&#8217;s performance as we head into 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major Indexes Close Higher as Santa Claus Rally Begins On Tuesday, December 24, 2024, Wall Street closed higher in a 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