In the United States, the stock market experienced an upward dynamic on Christmas Eve.
It is worth noting that the mentioned market has been showing growth over the past week.
The S&P 500 rose 1.1% on Tuesday, December 24. Within the framework of the upward dynamic, the corresponding indicator reached the level of 6,040.4. The Dow Jones Industrial Average also showed growth. In this case, an increase of 0.91% was recorded. As part of the growth, the corresponding indicator reached 43,297.03.
The Nasdaq Composite rose 1.35% to 20,031.13. To a large extent, this dynamic was facilitated by an increase in the value of shares of Tesla. The securities of this company jumped by 7.4%.
Shares of Amazon and Meta Platforms also followed an upward trajectory on Tuesday. The securities of each of these companies, which are among the largest players in the global technology sector, rose in price by more than 1%.
The New York Stock Exchange closed early at 1 p.m. ET on Christmas Eve. The bond market closes at 2 p.m.
On Tuesday, the so-called seasonal Santa Claus rally began. The corresponding process is carried out on the last five trading days of the year and on the first two in January. LPL Research data shows that during the mentioned period, the S&P 500 has generated an average return of 1.3%. In this case, information collected since 1950 is used. It is worth noting that the market’s average seven-day return is 0.3%.
This week, as a result of two consecutive winning days, the S&P 500 rose 1.8%. The Dow has increased by about 1% over the same period. A strong rally in megacap tech boosted the Nasdaq by 2.3% week to date.
The S&P 500 turned green for the month with a 0.1% gain after this week’s advance. The tech-heavy Nasdaq rose 4.2% in December. Also, since the beginning of the current month, shares of Alphabet, Google’s parent company, have risen in price by 16%. The value of Apple’s securities increased by almost 9% over the same period. Tesla shares have risen in price by about 34% since the beginning of December.
At the same time, in December, the blue-chip Dow fell by about 3.6%. In this case, the worst monthly performance since April was recorded.
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