Posted 1/3/2024, 9:54:00 PM
Stocks Stumble Out of the Gate in 2023, Breaking Santa Claus Rally Streak
- Santa Claus rally, when S&P 500 tends to rise over last 5 trading days of year and first 2 of new year, failed to happen in rough start to 2024
- S&P 500 fell 0.9% over Santa rally period from Dec. 22 to Jan. 3, snapping 7-year streak of gains
- Nasdaq also dropped 2.5% over Santa period, 3rd straight year of declines
- Lack of Santa rally seen by some as sign of more rough conditions ahead
- Stocks fell on Jan. 4 with tech leading declines as investors reassessed big 2023 gains and Fed policy path