Dow Falls More Than 100 Points, But on Track to Post Winning Holiday Week
Stocks declined on Friday, but major averages are still on track to post a positive holiday week.
The Dow Jones Industrial Average shed 140 points, falling for the first time in six sessions. The S&P 500 fell 0.8%, and the Nasdaq Composite slid 1.4% as Nvidia, Tesla and Netflix each declined more than 2%.
The three major U.S. indexes are still in the green week to date. The S&P 500 is up 1.1% this week after posting its best Christmas Eve performance since 1974 on Tuesday, according to Bespoke. The Dow has gained 0.7% this week, and a run-up in megacap tech stocks has pushed the Nasdaq Composite 1.4% higher.
Although trading has been muted this week, investors hope stocks will surge into the new year, spurred by the so-called “Santa Claus rally.” This refers to the market’s tendency to rise in the final five trading days of the year and the first two in January. Since 1950, the S&P 500 has returned 1.3% on average during this period, outpacing the market’s average seven-day return of 0.3%, according to LPL Financial.
Sumber : CNBC
