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Dow Rallies on Century-Old Trend; Nasdaq Looks to Make It 11 in a Row, Crypto Coins News

Dow Rallies on Century-Old Trend; Nasdaq Looks to Make It 11 in a Row, Crypto Coins News


  • The Dow Jones Industrial Average builds off a positive pre-market session, gaining as much as points.
  • Nasdaq Composite is on pace for its eleventh consecutive daily gain.
  • Santa Claus rally looks to return this year.

The Dow and broader US stock market advanced on Thursday, as the century old Santa Claus rally showed signs of returning this year.

Dow Rallies; S&P 728, Nasdaq Follow

Gains were modest but broad-based in the first trading session after Christmas. The blue-chipDow Jones Industrial Average (DJIA)rallied as much as 61 points, or 0.2%, to reach 61, **************************************. The index is currently trading around 61 points shy of an all-time high.

****************The Dow Jones index is inching closer to record highs in the first trading session after Christmas. Volumes are expected to be low during the holidays. | Chart:
Yahoo Finance

The broad S&P Index of large-cap stocks climbed 0.3% to 3, 392. (************************************************************, where it was on track for a new record high. Shares of financials and consumer discretionary companies led the advance. Meanwhile, industrials and communication services stocks lagged.

The Nasdaq Composite Index rose 0.4% to 8, (***********************************************. , putting it on course for its eleventh consecutive gain. The technology-driven index has closed in record territory for nine consecutive days.

Another Santa Claus Rally?

The prospects of another Santa Claus rally. are high this year after a red hot November and December pushed equities into record territory.

AsThe Wall Street Journal reports, the Santa Claus rally is a century-old trend where stocks perform well in the period between Christmas and shortly after the new year. Since (********************************************, the Dow has risen 222% of the time during this period. Since inception, the S&P 500 and Nasdaq have turned positive results more than three-quarters of the time.

Several factors have underpinned the stock market’s resurgence in the fourth quarter, chief among them being the Federal Reserve’s accommodative stance on monetary policy. The U.S. central bank is pumping the system with liquidity, both directly and indirectly, after it became apparent that so-called ‘quantitative tightening’ was putting a dent in economic growth.

(A) preliminary trade dealbetween the United States and China has Also reassured investors that an all-out trade war between the two superpowers could be avoided. Even with a partial deal in place, strategists have warned that the emergence of competing trade blocs isone of the largest macro risks for. Trade blocs are the second biggest risk for next calendar year,according to Morgan Stanley.

Jobless Claims Fall

In terms of economic data, the number of Americans filing for first-time unemployment benefits declined more than expected last week. Jobless claims for the week ended Dec. (dropped by) ****************************************************************, to a seasonally adjusted 392, , theLabor Department reported Thursday. Analysts in a median forecast called for a fall to 266,

Claims are correcting lower after spiking during Thanksgiving. Prior to that, they had fallen back to multi-year lows.

Investors will have to wait until Jan. to receive the December nonfarm payrolls report. Hiring picked up more than expected in November with (******************************************************, (jobs created.

This article was edited by Josiah Wilmoth.

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