The Dow Jones Industrial Average gained 0.91%, the Nasdaq Index gained 1.35% and the broader S&P 500 Index gained 1.10%.
December 26, 2024
Linea Mercati Interview 12/23/24
December 27, 2024By Stephen Culp
December 26, 202411:43 AM ESTUpdated a min ago
Item 1 of 3 Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 10, 2024. REUTERS/Brendan McDermid/File Photo
[1/3]Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 10, 2024. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
- Summary
- 10-year Treasury yield touches highest level in 8 months
- Continuing jobless claims reaches largest number in over 3 years
- Bitcoin slides
NEW YORK, Dec 26 (Reuters) – Wall Street stocks headed lower on Thursday and U.S. benchmark Treasury yields scaled the highest level since April in light, post-Christmas trading.
The modest but broad-based sell-off pulled all three major U.S. stock indexes modestly lower despite the so-called Santa Claus rally, in which stocks often get a holiday season boost from low liquidity, tax loss harvesting and investment of year-end bonuses.
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Uncertainties around President-elect Donald Trump’s policies lifted gold prices and helped send the 10-year Treasury yield to a nearly eight-month high.
“It’s light volume and now we are recovering some earlier losses due to some profit taking from Tuesday’s rally,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “I think we’re in the Santa Claus rally, with a little bit of a bump in the road here today, and it’s probably safe to say the year-end rally will continue.”
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With only a handful of trading days remaining in the year, the Nasdaq, S&P 500 and the Dow have scored respective gains of 33%, 26% and 14% in 2024.
The major concerns for 2025 are the extent of the Federal Reserve’s monetary easing, Trump’s tariffs and other policies, and various geopolitical tensions.
On the economic front, new claims for unemployment benefits came in slightly below analysts’ estimates, while ongoing claims jumped to their largest number since November 2021, suggesting laid off workers are having increasing difficulty finding new jobs.
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00:02Wall Street ends higher as Santa Claus rally period begins
The Dow Jones Industrial Average (.DJI), opens new tab fell 28.97 points, or 0.07%, to 43,268.06, the S&P 500 (.SPX), opens new tab slid 4.50 points, or 0.07%, to 6,035.54 and the Nasdaq Composite (.IXIC), opens new tab dropped 18.10 points, or 0.09%, to 20,013.03.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab edged 0.1% lower but remained on track for a weekly gain.
World stocks (.MIWD00000PUS), opens new tab appeared on course to wrap up the year with a second consecutive annual gain of more than 17%, unfazed by escalating geopolitical tensions and economic headwinds.
