Wall Street kicked off the Santa Rally season with a positive start, as all major indices closed higher. The S&P 500 rose 1%, its third consecutive gain, following last week’s volatile Federal Reserve meeting. The Dow Jones Industrial Average gained 0.9% and the tech-heavy Nasdaq 100 jumped 1.3%, nearly erasing previous losses.
Consumer discretionary stocks led the rally, with Tesla Inc surging 7.35% for its strongest single-day performance since November. Other standout performers included Walmart Inc., Starbucks Corp., and Netflix Inc., all up 2-2.5%. The U.S. dollar index posted modest gains, while Treasury yields remained stable.
Commodity prices edged higher, with gold rising 0.4% and oil prices increasing 0.7%. Risk appetite returned to the cryptocurrency market, as Bitcoin jumped 4%, boosting crypto-related stocks like Microstrategy Inc. and Coinbase Global Inc. The SPDR S&P 500 ETF Trust rose 1.1%, while other major ETFs also posted gains.
Source: https://finance.yahoo.com/news/santa-rally-kicks-off-wall-181459338.html