The major indices are closing near the session highs, and completing the second day of the “Santa Claus Rally” which saw strong gains yesterday, and solid gains again today.
Recall from yesterday, US equities finished the day slightly off highs:
- S&P 500 +1.8%
- Nasdaq +2.0%
- DJIA +1.6%
- Russell 2000 +2.7%
The gains yesterday snapped a three day losing streak, and a six day period that saw stocks move down five of the six trading days.
The final numbers today are showing:
- Dow industrial average rose 261.20 points or 0.74% of 35753.88
- S&P index rose 47.33 points or 1.02% to 4696.55
- NASDAQ index rose 180.82 points or 1.18% 15521.90
- Russell 2000 rose 18.95 points or 0.86% at 2221.90
All 11 components of the S&P index rose on the day led by consumer discretionary’s +1.8%, technology was up +1.3% and health was up +1.1%.
For the NASDAQ index, it is closing just short of its 50% midpoint of the move down from its record high back on November 22. That midpoint level comes in at 15536.13. The closing price of 15521.91 is just off that level. Today the price of the NASDAQ index did move back above its 100 day moving average at 15349.58. The 200 hour moving average is still above at 15569.54. That would be a another upside target.