Stocks Hold Steady, Eyeing Santa Claus Rally

Stocks maintained a steady pace on Wednesday, following a record close for the S&P 500 the previous day. The S&P 500 and Nasdaq Composite remained nearly unchanged, while the Dow Jones Industrial Average saw a slight increase. Nike led the gains, surging over four percent after Apple CEO Tim Cook disclosed his investment in the company. The S&P 500 reached a new high of 6909.79, just shy of its all-time intraday peak. The Commerce Departments third-quarter GDP report, showing 4.3 percent growth, contributed to this surge. Despite this positive news, fed funds futures still predict two interest rate cuts by the end of 2026. Investors are now focusing on the Santa Claus rally, a classic year-end market surge. Historically, the S&P 500 averages a 1.3 percent gain during this period, positive 78 percent of the time. Experts like LPL Financials chief technical strategist Adam Turnquist see promising signs, with momentum looking strong and rotation into cyclical sectors potentially pushing past December highs toward 7000. The New York Stock Exchange will close early today and remain shut on Christmas Day, setting the stage for a potentially festive market run into the new year.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.