{"id":48619,"date":"2024-12-24T19:28:40","date_gmt":"2024-12-24T19:28:40","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/"},"modified":"2024-12-24T19:28:40","modified_gmt":"2024-12-24T19:28:40","slug":"market-recap-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/","title":{"rendered":"Market Recap: Santa Claus Rally Kicks Off Amid Tech Surge and Holiday-Shortened Session"},"content":{"rendered":"<p>As the holiday season approaches its peak, Wall Street wrapped up a shortened trading session on Tuesday, December 24, 2024, with major indexes posting gains. The much-anticipated &#8220;Santa Claus Rally&#8221; period has officially begun, bringing optimism to investors as they look forward to the year&#8217;s end.<\/p>\n<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-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#Market_Performance\" >Market Performance<\/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-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#Tech_Stocks_Lead_the_Charge\" >Tech Stocks Lead the Charge<\/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-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#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-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#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-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#Notable_Stock_Movements_and_News\" >Notable Stock Movements and News<\/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-santa-claus-rally-kicks-off-amid-tech-surge-and-holiday-shortened-session\/48619\/#Looking_Ahead\" >Looking Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance\"><\/span>Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> closed at 6,040.04, up 1.1% or 65.97 points, trimming its December loss to a mere 0.2%. The <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=DJIA\">DJIA<\/a>) rose 0.9% or 390.08 points, ending at 43,297.03, while still nursing a 4% decline for the month. The tech-heavy Nasdaq Composite showed the strongest performance, climbing 1.35% or 266.24 points to 20,031.13, extending its December gains to an impressive 3.9% .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tech_Stocks_Lead_the_Charge\"><\/span>Tech Stocks Lead the Charge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The day&#8217;s rally was largely driven by the strong performance of several &#8220;Magnificent Seven&#8221; stocks and other tech giants. <b>NVIDIA Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>)<\/b> led the pack with a 3.7% increase, followed by <b>Tesla, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>)<\/b> which rose 2.3%. <b>Meta Platforms, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>)<\/b> surged 2.5%, while <b>Alphabet Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOG\">GOOG<\/a>)<\/b> gained about 1.6%. <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> also saw modest increases, although <b>Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>)<\/b> experienced a slight dip of 0.3% .<\/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 &#8220;Santa Claus Rally&#8221; period, which spans the last five trading days of the year and the first two of the new year, has historically provided an average gain of 1.3% for the S&#038;P 500. This seasonal trend, first described by Stock Trader&#8217;s Almanac founder Yale Hirsch in 1972, is being closely watched by investors, especially given December&#8217;s underperformance compared to its historical average .<\/p>\n<p>Despite the positive start to the Santa Claus Rally, market participants remain cautious about the Federal Reserve&#8217;s future policies. The CME FedWatch tool indicates a 91.4% probability of the Fed maintaining current interest rates at its January meeting, reflecting ongoing economic uncertainty .<\/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 in 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 with a 0.9% gain, followed by the Health Care Select Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLV\">XLV<\/a>) and the Consumer Discretionary Sector SPDR (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XLY\">XLY<\/a>), which rose 0.5% and 0.1% respectively .<\/p>\n<p>Market breadth showed a balanced picture, with 16 of the 30 Dow components ending in positive territory. The CBOE Volatility Index (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=VIX\">VIX<\/a>), often referred to as the &#8220;fear gauge,&#8221; decreased by 8.6% to 16.78, indicating reduced market anxiety .<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Notable_Stock_Movements_and_News\"><\/span>Notable Stock Movements and News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>American Airlines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAL\">AAL<\/a>)<\/b> shares experienced volatility after a technical issue briefly grounded all of its flights on one of the busiest travel days of the year. The stock recovered from an early 4% drop to close down about 1% .<\/p>\n<p>Advanced chipmakers <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 their upward trajectory, buoyed by analysts&#8217; bullish comments on their artificial intelligence potential .<\/p>\n<p>In the cryptocurrency space, <b>Bitcoin (BTCUSD)<\/b> surged to $97,000 after a brief dip below $93,000 the previous day, showcasing the volatile nature of digital assets .<\/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 we enter the final trading days of 2024, investors will be closely monitoring the Santa Claus Rally&#8217;s progress and its potential impact on the year&#8217;s overall performance. With the S&#038;P 500 up approximately 26% for the year, market participants are hoping for a strong finish to cap off an impressive 2024 .<\/p>\n<p>The stock market will remain closed on Wednesday for Christmas Day and reopen on Thursday morning. Traders and investors alike will be watching for any developments that could influence market sentiment as we approach the new year.<\/p>\n<p>In conclusion, while the holiday-shortened session brought cheer to Wall Street, the broader economic picture remains complex. As we bid farewell to 2024, all eyes will be on whether Santa Claus can deliver the rally that investors are hoping for, setting the stage for what promises to be an intriguing start to 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the holiday season approaches its peak, Wall Street wrapped up a shortened trading session on Tuesday, December 24, 2024, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[94],"tags":[3280,4,3730,33,3741,80,3789,3795,225,3814,326,391,633,2919,3206],"class_list":["post-48619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-djia","tag-tsla","tag-vix","tag-msft","tag-meta","tag-goog","tag-aal","tag-xly","tag-aapl","tag-xlv","tag-amd","tag-amzn","tag-nvda","tag-avgo","tag-xlk"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=48619"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=48619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}