Stocks Hit Fresh Records as Thin Holiday Trading Lifts Tech – US Market Wrap
US equities climbed to new all-time highs as investors digested a slate of economic data during a session characterized by lighter trading activity. Short-term Treasuries lagged longer maturities, while the dollar weakened.
In a narrow, technology-driven move, the S&P 500 advanced for a fourth consecutive session. Trading volumes were well below the recent monthly average ahead of the Christmas holiday. The benchmark pushed higher even though the data offered little support for expectations of near-term Federal Reserve rate cuts.
Two-year Treasury yields — which are especially sensitive to the Fed’s policy outlook — stayed above 3.5% after reports showed the US economy growing at its fastest pace in two years. A decline in consumer confidence prompted only a modest recovery in bonds from earlier lows.
The S&P 500 climbed above 6,900, while its equal-weighted counterpart slipped slightly, highlighting uneven participation beneath the surface. A basket of large technology companies rose about 1%, while smaller stocks underperformed.
The closely watched Santa Claus Rally window is set to begin this Wednesday, marking the seasonal stretch that spans the final trading days of the year and the first sessions of the new one. While historical patterns have often been favorable for stocks during this period, seasonal trends reflect tendencies rather than certainty.
