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Can the Santa Claus rally happen after the Fed's hawkish cut?
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S&P 500, Nasdaq and Dow All Rise About 1% in Holiday-Shortened Session | Wall Street Today

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Jerry Kronenberg joined discussion · Dec 25, 2024 02:49
S&P 500, Nasdaq and Dow All Rise About 1% in Holiday-Shortened Session | Wall Street Today
Stocks closed higher Tuesday in a quiet session that ended early due to the Christmas Eve holiday, with all three of Wall Street's main indices managing to gain around 1% despite low trading volumes.
The $Nasdaq Composite Index (.IXIC.US)$ led the way higher, adding 266.24 points (1.4%) to a 20,031.13 close as of 1 p.m. ET. The $S&P 500 Index (.SPX.US)$ likewise gained 65.97 ticks (1.1%) to 60,040.04, while $Dow Jones Industrial Average (.DJI.US)$ gained 390.08 points (0.9%) to 43,297.03.
Few stocks with $1 billion or higher in market capitalization moved during the session, which ended three hours earlier than normal because of Christmas Eve. Markets will also remain closed all Wednesday for Christmas Day.
MOOVERS
The handful of larger stocks making significant moves included $Archer Aviation (ACHR.US)$, which rose 14.9% to $10.78 – apparently in sympathy with big gains for rival e-VTOL firm $Vertical Aerospace (EVTL.US)$.
EVTL gained 19.5% to $8.87 on word of a new equity investment. Other gainers on the eVTOL sector – which is developing electric-powered flying cars and "air taxis" that feature vertical takeover and landing -- included $Joby Aviation (JOBY.US)$, which added 8.4% to an $8.26 close.
Other significant gainers included crypto-related stocks, which rose on a rebound for $Bitcoin (BTC.CC)$. BTC added 6.1% to $98,557.89 as of shortly before 1:30 p.m. ET, rebounding following three days of declines.
Bitcoin's rally sent several crypto stocks higher, including:
-- $BTCS Inc (BTCS.US)$, +15.6% to a $2.86 close
-- $Bitdeer Technologies (BTDR.US)$, up 14.8% to $23.56
-- $BTC Digital (BTCT.US)$, which gained 11.1% to $5.02
-- $Hut 8 (HUT.US)$, which rose 12.2% to $24.28
Conversely, $Pony AI (PONY.US)$ fell 9.5% to $13.02 -- giving back all of Monday's 9.3% gain and more. PONY had rallied Monday on word of positive initiations from analysts at Bank of America and Goldman Sachs.
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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