Christmas Santa Claus rally in Wall Street, US Stock Market: Will S&P 500 disappoint traders, investors this year?
The benchmark S&P 500 is up more than 24 per cent for 2024, even after a major stumble this week, and Wall Street has historically often enjoyed a strong annual close, according to the Reuters report.
Since 1969, the last five trading days of the year combined with the first two of the following year have yielded an average S&P 500 gain of 1.3 per cent, a period known as the «Santa Claus Rally», according to the Stock Trader's Almanac. But this year, there are signs Santa Claus may disappoint, Reuters reported.
The S&P 500 on Wednesday suffered its biggest one-day drop since August after the Federal Reserve caught investors off guard by signaling fewer-than-expected interest rate cuts in 2025.
The market also looks less healthy beneath the surface: Eight of the 11 S&P 500 sectors are in negative territory for December, while the equal-weight S&P 500, a proxy for the average index stock, is down 7 per cent.
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