Stocks Pushed Higher on Thin Voluime as the Santa Rally Begins – US Market Wrap

A rally in the group that has led Wall Street’s gains in 2024 boosted stocks in a relatively quiet session ahead of Christmas.

Following a strong day for big tech, shares continued to rise on Tuesday. Tesla Inc. drove megacaps higher. Broadcom and Advanced Micro Devices rose as President Biden’s team conducted an investigation into Chinese-made chips. In a shortened pre-holiday session, the S&P 500 gained more than 1% despite low trading volume.

Equity investors are also hoping for the “Santa Claus Rally,” in which stocks rise during the last five trading sessions of the year and the first two of the next. This time, the window started on Tuesday.

The S&P 500 increased by 1.1%. The Nasdaq 100 gained 1.4%. The Dow Jones Industrial Average rose 0.9%.

The yield on 10-year Treasuries remained stable at 4.59%. The Dollar barely moved.