It’s the start of the so-called Santa Claus rally.
Historically, the stock market has seen gains from the last five trading sessions of December through the first two trading days of January.
So far, markets are embracing the Christmas spirit, with all three major indexes trading firmly in the green.
The tech-heavy Nasdaq led the way higher in late morning trade, up about 0.8%. Tesla (TSLA), Arm Holdings (ARM), and Broadcom (AVGO) saw the largest gains within the index, rising 4%, 3%, and 2%, respectively.
Most sectors also traded in the green, with Consumer Discretionary (XLY), Energy (XLE), and Tech (XLK) the three biggest gainers of the morning session. Health care (XLV) was the biggest laggard, dragged down by drug manufacturer Viatris (VTRS) and insurance company Cigna (CI).
