As the world prepared to celebrate Christmas, Wall Street saw an uptick in its major stock indexes, indicating a positive trend in the US economy. Major tech companies, as well as airline stocks, led the surge, underscoring the continuing vitality of these sectors in the global market.
The S&P 500, a benchmark index tracking the stock performance of 500 large companies listed on the US exchange, saw an increase of 1.1% on the eve of Christmas. This rise came despite an early closure of trading in light of the holiday, reflecting the market’s bullish sentiment.
Contributing significantly to the market’s rally were tech titans like Apple, Amazon, and the chip company Broadcom. Their stocks experienced a surge, pulling the market up in their wake. This performance underscores the strength of Big Tech in the global economy, and their continued influence on the US stock market.
Not to be left behind, the Dow Jones Industrial Average, a price-weighted measure of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq, rose by 0.9%. Meanwhile, the Nasdaq Composite, an index that includes all Nasdaq-listed stocks, climbed by 1.3%, mirroring the robust health of the tech sector.
In the airline industry, American Airlines managed to end mostly higher, shaking off an early loss. The airline had briefly grounded flights nationwide due to a technical issue but quickly recovered. This rebound points to the resilience of the airline industry, despite recent challenges.
On the bond market front, Treasury yields held steady, indicating a stable outlook for US government bonds.
In summary, the pre-Christmas surge in the US stock market, led by big tech stocks and the strong recovery by American Airlines, reflects the ongoing strength and resilience of key sectors in the US and global economy.
