{"id":48620,"date":"2024-12-24T22:01:38","date_gmt":"2024-12-24T22:01:38","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-stocks-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/"},"modified":"2024-12-24T22:01:38","modified_gmt":"2024-12-24T22:01:38","slug":"market-recap-stocks-rally-in-holiday-shortened-session-on-december-24-2024","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-stocks-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/","title":{"rendered":"Market Recap: Stocks Rally in Holiday-Shortened Session on December 24, 2024"},"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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Why_Was_the_Market_Up_Today_Tech_Stocks_Lead_Santa_Claus_Rally\" >Why Was the Market Up Today? Tech Stocks Lead Santa Claus Rally<\/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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Current_Market_Indexes_Performance\" >Current Market Indexes 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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Major_Stock_News_and_Movements\" >Major Stock News and Movements<\/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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Upcoming_Market_Events_and_Economic_Factors\" >Upcoming Market Events and Economic Factors<\/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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Market_Sentiment_and_Future_Outlook\" >Market Sentiment and Future Outlook<\/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-rally-in-holiday-shortened-session-on-december-24-2024\/48620\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_Was_the_Market_Up_Today_Tech_Stocks_Lead_Santa_Claus_Rally\"><\/span>Why Was the Market Up Today? Tech Stocks Lead Santa Claus Rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. stock market closed higher on Tuesday, December 24, 2024, in a holiday-shortened trading session, as investors embraced the spirit of the season with a Santa Claus rally. Major indexes posted gains, driven primarily by strong performances in the technology sector.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Current_Market_Indexes_Performance\"><\/span>Current Market Indexes Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As of the early close at 1 p.m. ET on Christmas Eve:<\/p>\n<p>&#8211; The <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC) rose 65.97 points, or 1.1%, to 6,040.04.<br \/>&#8211; The <a href=\"https:\/\/stockmarketwatch.com\/indices\/dowjones\/today\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI) gained 390.08 points, or 0.9%, to 43,297.03.<br \/>&#8211; The Nasdaq Composite (^IXIC) advanced 266.24 points, or 1.3%, to 20,031.13.<br \/>&#8211; The Russell 2000 (^RUT) index of smaller companies increased 22.42 points, or 1%, to 2,259.85.<\/p>\n<p><b>This upward movement has erased the S&#038;P 500&#8217;s December losses, putting the index on track for a stellar year with a 26.3% gain in 2024.<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Stock_News_and_Movements\"><\/span>Major Stock News and Movements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Several &#8220;Magnificent Seven&#8221; stocks led the day&#8217;s rally:<\/p>\n<p>1. NVIDIA Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=NVDA\">NVDA<\/a>): Up 3.7%<br \/>2. Tesla, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TSLA\">TSLA<\/a>): Increased 2.3%<br \/>3. Meta Platforms, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=META\">META<\/a>): Surged 2.5%<br \/>4. Alphabet Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=GOOG\">GOOG<\/a>): Gained about 1.6%<br \/>5. Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>) and Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>): Modest increases<br \/>6. Microsoft (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=MSFT\">MSFT<\/a>): Slight decline of 0.3%<\/p>\n<p>Other notable stock movements:<\/p>\n<p>&#8211; American Airlines (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAL\">AAL<\/a>): Shares recovered from an early slump after a technical issue briefly grounded flights nationwide.<br \/>&#8211; Advanced chipmakers Broadcom (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AVGO\">AVGO<\/a>) and Advanced Micro Devices (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMD\">AMD<\/a>) continued to rise, benefiting from analysts&#8217; bullish comments on their artificial intelligence potential.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_Market_Events_and_Economic_Factors\"><\/span>Upcoming Market Events and Economic Factors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1. <b>Federal Reserve Policy Outlook:<\/b> Despite the strong tech gains, market participants remain concerned about the Fed&#8217;s future policies. The CME FedWatch tool indicates a 91.4% probability of the Fed maintaining current rates at its January meeting, creating some economic uncertainty.<\/p>\n<p>2. <b>Treasury Yields:<\/b> The 10-year Treasury yield ticked up to 4.63%, having risen more than 20 basis points since the Federal Reserve scaled back its forecast for future interest rate cuts last week.<\/p>\n<p>3. <b>Cryptocurrency Movement:<\/b> Bitcoin (BTCUSD) surged to $97,000 after a recent dip below $93,000, showing resilience despite the impact of last week&#8217;s Fed decision.<\/p>\n<p>4. <b>Commodities:<\/b> Oil futures traded slightly higher, with West Texas Intermediate at approximately $69.75 a barrel. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures remained steady at $2,630.<\/p>\n<p>5. <b>Holiday Impact:<\/b> The stock market closed early at 1 p.m. ET, and the bond market at 2 p.m. ET for Christmas Eve. Both markets will be closed on Christmas Day and reopen on Thursday.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Future_Outlook\"><\/span>Market Sentiment and Future Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The current rally aligns with the historical &#8220;Santa Claus rally&#8221; phenomenon, where stocks tend to rise over the last five trading days of the year and the first two of the new year. However, analysts note that the rally has lacked strong momentum, and December 2024 is shaping up to be an outlier unless it receives &#8220;serious help&#8221; in the coming days.<\/p>\n<p><b>As we approach the end of 2024, the S&#038;P 500 has put up impressive numbers, with a year-to-date gain of 26.3%. The Dow is up 14.9%, while the tech-heavy Nasdaq has surged 33.4%.<\/b><\/p>\n<p>Investors will be closely watching how the markets perform in the remaining days of 2024 and the start of 2025, particularly in light of ongoing concerns about Federal Reserve policies and global economic conditions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The stock market&#8217;s performance on December 24, 2024, provides a positive note as we head into the holiday break. With tech stocks leading the charge and the S&#038;P 500 erasing its December losses, investors have reason for optimism. However, the sustainability of this rally and its implications for the coming year remain to be seen, as economic uncertainties persist.<\/p>\n<p>As always, investors are advised to stay informed about upcoming economic events and corporate earnings reports that could impact market movements in the new year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why Was the Market Up Today? Tech Stocks Lead Santa Claus Rally The U.S. stock market closed higher on Tuesday, [&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":[3789,4,33,80,225,326,391,633,2919,3741],"class_list":["post-48620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-aal","tag-tsla","tag-msft","tag-goog","tag-aapl","tag-amd","tag-amzn","tag-nvda","tag-avgo","tag-meta"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48620","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=48620"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/48620\/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=48620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=48620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=48620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}