Traders work on the New York Stock Exchange floor on Dec. 18, 2024.
Spencer Platt | Getty Images
Stocks in the Big Apple took a bit of a Christmas cheer on Christmas Eve, as Wall Street looked to snag back-to-back gains in the holiday week. And while New Yorkers might have been hustling to get their last-minute shopping done, up on Wall Street, they were busy watching numbers tick up.
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Market Movements
The S&P 500 added 0.8%, while your good ol’ Dow Jones Industrial Average picked up a cozy 260 points, or 0.6%. Over at the Nasdaq, it climbed 1%, feeling the festive spirit as Tesla shares jumped 4%. Not to be outdone, Amazon and Nvidia both saw more than 1% gains. Clearly, Wall Street decided to get in on the gifting season a bit early.
Light Trading and Santa’s Rally
Now, if you know New Yorkers, you know we love a good tradition. Wall Street’s no different. The week was expectedly thin on trading with traders clocking out early. On Tuesday, the New York Stock Exchange rang the closing bell at 1 p.m. ET for Christmas Eve, while the bond market hit the road at 2 p.m. And, of course, both markets went all silent night on Wednesday for Christmas.
Tuesday was more than just a merry-making day. It marked the beginning of the so-called Santa Claus rally. It’s basically the last five trading days of the year and the first two in January when, traditionally, returns are sweeter than a cannoli. Historical data tells us that since 1950, the S&P 500 flaunts an average return of 1.3% during this period according to LPL Research. Compare that with a usual seven-day return of 0.3%, and you see why traders start jingling their bells.
Tech Stocks and Dow Performance
This time of year often finds tech and semiconductor stocks cozying up to greenery as the market decked the halls with gains. On Monday, the S&P 500 was up 0.7%, and the Nasdaq Composite finished the day around 1% higher. Meanwhile, the Dow was sipping eggnog, adding nearly 0.2%.
Despite December being a bit of a Grinch for the Dow, down 4%, the S&P 500 just nudged down 0.3%. But over at the Nasdaq, they were throwing a party. The tech-heavy index danced with a 3.9% gain for the month. Heavy hitters like Alphabet (up 16%), Apple (just shy of a 10% rise), and of course, Tesla hitting a month-to-date sprint of 30%.
Travel Woes
Apart from the financial hustle, there was some drama over at American Airlines. Just when you thought you could relax with eggnog, bam! Shares went on a rollercoaster ride after a technical glitch grounded flights on one of the busiest travel days. Hopefully, everyone still managed to make it to those family dinners and holiday parties.
In New York City, even as snow may fall and the lights twinkle, Wall Street never sleeps. And neither do we, keeping one eye on the tickers and another on our city, alive with Christmas spirit.
