Market Snapshot: U.S. stocks struggle for direction as investors return from Christmas

by | Dec 27, 2022 | Stock Market

U.S. stocks struggled for direction Tuesday as investors returned from the three-day Christmas weekend, with bulls holding out for a seasonal “Santa Claus rally” after China’s decision to lift Covid quarantine requirements for inbound travelers, raising hopes the world’s second largest economy may recover in 2023. How are stocks trading?
The Dow Jones Industrial Average
DJIA,
+0.45%
rose 116 points, or 0.3%, to 33,320.

The S&P 500
SPX,
-0.07%
fell 6 points, or 0.1%, to 3,939.

The Nasdaq Composite
COMP,
-4.00%
was down 92 points, or 0.9%, to 10,403.

Last week, the Dow gained nearly 1%, while the S&P 500 and Nasdaq fell for a third straight week. In December so far, the S&P 500 has dropped roughly 5.8%, while the Dow and Nasdaq dropped about 4% and 8.5%, respectively. These are the biggest monthly declines since September. The major averages are headed for their worst annual performance since 2008.

See more: What to expect for the stock market in 2023 after the biggest decline since the financial crisisWhat’s driving markets? Friday marked the start of the so-called Santa Claus rally period — the final five trading days of the calendar year and the first two trading days of the new year. That stretch has, on average, produced gains for stocks, but failure to do so is often rea …

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