Stock market today: live updates

Stocks rose on Tuesday on Christmas Eve as the market tried to squeeze out consecutive gains over the holiday week.

The S&P 500 gained 0.5% and the Dow Jones Industrial Average gained 120 points, or 0.3%. The Nasdaq Composite rose 0.8%, helped by a 4% rise in Tesla shares. Amazon and Nvidia each gained more than 1%.

American Airlines shares fluctuated after the airline briefly grounded all U.S. flights due to a technical issue on one of the busiest travel days of the year.

Trading is expected to be thin this week. On Tuesday, the New York Stock Exchange closes at 1:00 p.m. ET on Christmas Eve, while the bond market closes at 2:00 p.m. The market is also closed on Wednesdays for Christmas.

The stock market started the holiday-shortened week positively, supported by technology stocks and semiconductor stocks. The S&P 500 rose by 0.7% and the Nasdaq Composite Closed Monday about 1% higher. The 30 share Dow also ended at almost 0.2%.

“There’s a lot of good things to think about, but at the same time I think you should restrain your enthusiasm here because the market has recovered,” Paul Hickey, co-founder of Bespoke Investment Group, said on CNBC’s ” Squawk Box”. .”

Is there a risk of frost at the Santa Claus rally?

With just a few trading days left, some investors are hoping for a Santa Claus rally to cap off an already strong market year. And that’s not entirely unusual. According to the Stock Trader’s Almanac, it is S&P 500 has gained an average of 1.3% between the last five trading days of the year and the first two in January since 1969.

But Jay Hatfield of Infrastructure Capital Advisors calls for some market stagnation in the coming days. He is sticking to his S&P 500 target of 6,000 for year-end 2024, which represents just a 0.4% increase in the broad market index from Monday’s close.

“We may get a Santa Claus rally, but these are not particularly strong rallies,” the company’s CEO told CNBC. “We are market neutral.”