S&P 500 Closes at Record High Amid Mix of Data
Get caught up.
In a narrow technology-led advance, the S&P 500 rose for a fourth straight day, with volume below average for the past three months ahead of the Christmas holiday. An unexpected government report showing positive GDP numbers arrived the same day as more sobering data on consumer confidence, orders for business equipment and industrial production.
The much-anticipated Santa Claus Rally period officially begins this Wednesday, running through early January. Since 1950, the S&P 500 has averaged a 1.3% return, with positive results occurring 78% of the time, according to Adam Turnquist at LPL Financial. That said, seasonal trends reflect historical tendencies, not guarantees, he noted.