Global Markets See Mixed Results on Christmas Day
As the world celebrates the holiday season, global markets experienced a mixed bag on Christmas Day. While many markets remained closed, Tokyo and Shanghai saw shares slip, with Japan’s Nikkei 225 index edging 0.1% lower to 38,997.02 and the Shanghai Composite index losing 0.2% to 3,387.41.
Oil Prices Rise Ahead of Weekly Unemployment Update
Meanwhile, oil prices rose, with U.S. benchmark crude oil increasing by 93 cents to $70.17 per barrel. Brent crude, the international standard, picked up 6 cents to $73.23 per barrel. This upward trend is likely to continue as investors await Thursday’s weekly update on U.S. unemployment benefits.
Currency Markets See Shifts
In currency markets, the dollar strengthened to 157.37 Japanese yen from 157.11 yen, while the euro rose to $1.0431 from $1.0397. These shifts are likely to have a ripple effect on global trade and commerce.
Wall Street Sees Gains in Shortened Holiday Session
On Tuesday, Wall Street saw a shortened holiday session, but stocks still managed to close higher. Gains in Big Tech stocks propelled the S&P 500 to a 1.1% gain, while the Dow Jones Industrial Average rose 0.9%. The Nasdaq composite climbed 1.3%, with advancers outnumbering decliners by more than 3-to-1 on the New York Stock Exchange.
Tech Stocks Lead the Charge
Big Tech stocks were the driving force behind Tuesday’s gains, with Broadcom rising 3.2%, Apple gaining 1.1%, and Tesla jumping 7.4% for the biggest gains among S&P 500 stocks. Super Micro Computer also saw a significant surge, climbing 6%.
Historical Trends Suggest Cheerful Season Ahead
As the stock market enters the historically cheerful season, investors are optimistic about the prospects for the remaining days of the year. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3% since 1950.
U.S. Market Remains Strong Despite Worries
Despite concerns about President-elect Donald Trump’s policies and their potential impact on the economy, the U.S. market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up 26.6% so far this year and remains within roughly 1% of the all-time high it set earlier this month.
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