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Dow Jones Today: Stocks Open the Last Week of the Year on a High Note
By: Stephen Wisenfsky
Stephen Wisenfsky is the executive news editor at Investopedia. He has over two decades of experience as a journalist and newsroom leader, including 25 years at Dow Jones and The Wall Street Journal.
Updated on December 26, 2023
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Stocks opened higher on Tuesday as the holiday-shortened trading week began. With no anticipated company news, market participants will be watching a range of economic indicators set to be released.
U.S. stocks have risen for eight consecutive weeks, fueled by optimism that the Federal Reserve may soon start cutting interest rates and that the U.S. economy could avoid a recession.
An hour after the opening bell, the S&P 500 was up 0.3%, while the Nasdaq Composite gained 0.4%, and the Dow Jones Industrial Average rose 0.3%. The Dow has recently hit record highs, and the S&P 500 is also approaching its all-time highs.
In other trading, oil prices rose due to ongoing concerns about the impact of tensions in the Middle East on supplies. These concerns were heightened by attacks on ships in the Red Sea by the Iranian-backed Houthi group related to the war in Gaza. Crude oil contracts increased by about 2.5%.
In our live coverage here this week, we will continue to keep you informed about today’s market activity and also highlight some year-end summaries and future outlooks from Investopedia.
Public Offering Market Unlikely to Strengthen Soon
22 minutes ago
The public offering market for stocks this year has been hit by stock market volatility, rising interest rates, and trading losses in the banking sector, showing little signs of improvement in 2024.
As of December 19, 108 companies have priced public offerings in the U.S. markets, a 52% increase from the same time last year. This is the third lowest number in the past decade and down 73% from the peak two years ago.
Similarly, proceeds from public offerings for companies with a market capitalization of at least $50 million rose to $19.4 billion, up from $7.7 billion in 2022, but this represents an 86% drop from $142.4 billion during the same period in 2021.
Javier Avalos, co-founder and CEO of Caplight, which tracks trading in private company stocks that form the public offering environment, stated that there seems to be no improvement in sight for the market. Avalos added that most investment banks have clear public offering schedules for the first half of the new year.
– Lyle Nedden
Advice from Financial Advisors for 2024
47 minutes ago
The new year can be a great time for investors to review financial goals and make necessary changes. Financial advisors recommend building a robust emergency savings fund and reviewing your portfolio in the context of your timeline. They also suggest creating a debt repayment plan, considering tax implications, and thinking about expected moderate expenses. Read more here about what financial advisors are saying as we prepare to turn the calendar to 2024.
– Naomi Buchanan
Will There Be a Santa Claus Rally?
1 hour and 25 minutes ago
After a strong November and beginning of December for U.S. stocks, where the S&P 500 has risen more than 10% since the end of October, many investors will be looking for a “Santa Claus Rally,” or a sustained uptick in the stock market around Christmas.
Since 1945, the S&P 500 has experienced a Santa Claus Rally leading to positive performance in the final five days of the fiscal year and the first two days of the new year 77% of the time, according to CFRA research.
Can
Investor optimism during holiday celebrations, the use of holiday bonuses for investment, a decline in trading volume, year-end tax considerations, and an increase in holiday consumer spending are all potential explanations for why Santa Claus rally occurs, according to JP Morgan.
Many investors also believe that the Santa Claus rally, or lack thereof, can have implications for the coming year, as the saying goes, “If Santa Claus doesn’t call, the bears are coming to Broad Wall,” referring to the New York Stock Exchange.
– Naomi Buchanan
Stock futures move higher
1 hour and 44 minutes ago
Futures contracts tied to the Dow Jones Industrial Average were up 0.1% about 30 minutes before the opening bell.
Futures contracts for the S&P 500 were also up 0.1%.
Futures contracts for the Nasdaq were also higher.
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