Stocks Rally Despite Holiday-Thinned Trading
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On Monday, December 23, 2024, US stock markets closed with gains across major indices, kicking off the holiday-shortened week on a positive note.
The S&P 500 advanced 0.7%, adding 43.22 points to close at 5,974.07. The Dow Jones Industrial Average rose by 0.2%, increasing 66.69 points to end at 42,906.95. Meanwhile, the Nasdaq Composite climbed 1%, gaining 192.29 points to finish at 19,764.89.
The technology sector led the upward movement, driven by strong performances from semiconductor companies. Nvidia’s shares rose by 3.7%, while Broadcom saw a significant increase of 4.4%.
Healthcare also contributed to the gains, with Eli Lilly’s stock appreciating by 3.1% following the FDA’s approval of its new drug, Zepbound, for the treatment of sleep apnea.
The day’s rise in equity markets coincided with an increase in Treasury yields, reflecting a shift in investor sentiment. The 10-year Treasury yield moved higher, signalling changes in bond market dynamics and indicating confidence in equities.
Year-to-date, the S&P 500 is up 25.2%, the Dow Jones Industrial Average has increased 13.8%, and the Nasdaq Composite has gained 31.7%. The Russell 2000 has also advanced by 10.4%, showcasing a broad-based rally in US equity markets throughout 2024.
As the holiday season progresses, trading volumes are expected to decline, which could lead to increased market volatility.
Investors are closely monitoring economic indicators and corporate earnings reports to gauge market direction in the final days of the year.
Image: MarketScreener