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Bloomberg Quint
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US Stocks Buoyed As ‘Santa Claus Rally’ Period Begins: Markets Wrap
- US stocks climbed in the run up to the ‘Santa Claus’ rally, with the S&P 500 up over 1% amid thin trading volume.
- Shares of big tech were boosted from the previous day’s strong performance, with Tesla, Broadcom and Advanced Micro Devices in particular lifting the market.
- Investors are now turning to the Santa Claus rally tradition which suggests that stocks rise in the first two trading sessions of the year, with a strong seasonality heading into the year-end.
- The average S&P 500 return during the Santa Claus Period since 1950 is 1.3%.
- Citi’s strategists suggest investors should have a more-balanced approach in US stocks over Q1. They’re overweight in media, internet and semiconductors.
- US equities saw high buying for the seventh consecutive week, according to Bank of America, with both single stocks and exchange-traded funds being purchased.
- The yield on 10-year Treasuries was little changed at 4.59%, while other indexes rose slightly including Bitcoin and crude oil.
- As the year approaches its close, long-term averages suggest those starting with gains in January are most likely to see yearly returns at an average of 18.3%.
- However, with no corrections of more than 10% this year, the S&P 500 has managed to stay solidly above its 200-day moving average throughout the year.
- Corporate highlights for today include American Airlines, Starbucks and prices of cryptocurrencies such as Bitcoin continue their upward climb.
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