The S&P 500 neared a new record high on Thursday.
The benchmark index closed slightly higher and is just 0.3% below the record close it reached in January 2022. The index has come a long way: it is up 34% from its low last year, buoyed by this quarter's massive rally.
Stocks were also on track for another Santa rally. This is where stocks often head in the new year. Analysts watch it mostly for fun, although some say it sets the tone for the coming year.
Stock indices closed mixed. The S&P 500 rose, while the Dow Jones hit its seventh record close this month. The Nasdaq fell slightly. The three indices are preparing to achieve their ninth consecutive weekly gain.
Another Santa gathering It seems to be in the cards as well.
Oil prices fell As traders assessed the risks of shipping disruption in the Red Sea. Brent crude fell 1.6% to trade below $79 a barrel.
Treasury yields roseWith the 10-year bond yield stable at 3.849%.
Bitcoin fell Below $43,000 but still close to its 2023 high.
Asian stocks rose after Beijing It appears to be easing the crackdown on video game makers. The Hang Seng Index in Hong Kong rose by 2.5% and the Shanghai Composite Index rose by 1.4%. Internet giants Tencent And netease They each received more than 2%.
Data monitoring: Initial jobless claims, an indicator of layoffs, rose by 12,000 to a seasonally adjusted 218,000 in the week ending December 23. This was slightly more than the 215,000 that economists had expected.
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”