Wall Street’s main indexes closed higher on Tuesday, with the Dow Jones Industrial Average and Nasdaq Composite scoring four consecutive sessions of gains. The S&P 500 took its winning streak to three sessions, marking the first day of the seasonal Santa Claus rally.
Megacap stocks, which have a significant influence on markets, drove the gains. All seven megacap technology stocks climbed, led by Tesla’s 7.4% surge in shares. The consumer discretionary index rose 2.6%, with all 11 stocks ending in positive territory.
Growth names also rose despite elevated US Treasury interest rates. Traditionally, higher debt costs crimp growth stocks, but long-term themes around technology development, including advancements in artificial intelligence, are driving the sector’s strength.
The S&P 500 climbed 65.97 points to 6,040.04 points, while the Nasdaq Composite advanced 266.24 points to 20,031.13. The Dow Jones Industrial Average rose 390.08 points to 43,297.03.
Crypto-related stocks traded higher, with bitcoin’s price advancing and Microstrategy, Riot Platforms, and Mara Holdings rising between 4.7% and 8.1%. NeueHealth soared 75% after announcing a $1.3 billion deal to take the company private. American Airlines’ shares edged up 0.6% after trading lower for much of the session.
Stock markets will be closed for Christmas on Wednesday, and investors are watching economic outlook, consumption in the US, and the labor market as they head into 2025.
Source: https://www.reuters.com/markets/us/futures-muted-before-shortened-christmas-eve-trading-2024-12-24