Money

S&P 500 Ends Higher Ahead of Christmas, Boosted by Technology Stocks


The S&P 500 closed higher on Christmas Eve, continuing its upward trajectory for the third consecutive session.

In a shortened trading day, the index gained 0.36%, propelled largely by strength in technology stocks.

Tech giants Broadcom and Nvidia were among the top contributors, reflecting investor optimism about the sector’s growth potential heading into 2025. Broadcom climbed 1.2%, while Nvidia rose 0.8%, buoyed by strong demand forecasts and recent announcements of new product launches.

The positive momentum aligns with the historical “Santa Claus rally” – a period encompassing the last five trading days of December and the first two of January. During this time, the S&P 500 has historically posted an average gain of 1.3%, driven by seasonal optimism and portfolio adjustments by institutional investors.

Adding to the market’s cheer is easing inflation data, which has bolstered confidence that the Federal Reserve may adopt a more measured approach to interest rate adjustments in 2025. Investors are hopeful that this combination of factors will sustain market growth into the new year.

The SPDR S&P 500 ETF Trust (SPY), which tracks the performance of the index, ended the session at $601.26, marking an intraday high of $601.30 and a low of $594.81. Trading volumes remained steady, reflecting sustained investor interest despite the holiday season.

Market analysts suggest that this rally is a positive indicator for broader economic trends. “The market’s resilience in the face of recent challenges demonstrates underlying strength. With technology leading the charge, we expect continued momentum as we transition into 2025,” noted Sarah Williams, a senior market strategist at Capital Insights.

As the year winds down, investors will be closely watching economic data releases and Federal Reserve communications for further insights into the trajectory of interest rates and their potential impact on equity markets.

With a strong finish ahead of Christmas, the S&P 500 sets a hopeful tone for the final days of 2024, leaving investors optimistic about the opportunities that lie ahead in the new year.

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