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The Dow Jones, S&P 500 and the Nasdaq ended little changed, but all of them recovered from their respective day’s low.
S&P 500 had its best Christmas Eve performance since 1974, according to data compiled by Bespoke Investment Group. With major European markets closed, volume in the US equity gauge was well below the average of the past month.
Most megacaps fell, though Apple Inc. outperformed after a bullish note from Wedbush. GameStop Corp. rallied after an X post from Keith Gill, the online persona known as Roaring Kitty.
Recurring applications for US unemployment benefits rose to the highest in more than three years, adding to signs that it is taking longer for out-of-work people to find a job. Initial claims, meanwhile, ticked down to 2,19,000 in the week ended December 21.
To Jonathan Krinsky at BTIG, the market can continue to make upside progress into year-end, hitting a fresh all-time high for the S&P 500 above 6,100. Looking ahead to January, however, he thinks think volatility will re-emerge.
“Eco data is a non-event until we move into the new year,” said Kenny Polcari at SlateStone Wealth. “Christmas is behind us, but the New Year is ahead of us. Volumes will remain muted.”
The yield on 10-year Treasuries dropped one basis point to 4.58%. The Bloomberg Dollar Spot Index rose 0.1%. Bitcoin sank as traders reduced their risk exposure after a record-breaking run.
(With Inputs From Agencies.)
