U.S. Stocks Surge in Christmas Eve 'Santa Claus' Rally
Major indexes gain as tech stocks lead a light trading session before the holiday break.
- The S&P 500 rose 1.1%, the Nasdaq climbed 1.4%, and the Dow gained 0.9% in a shortened trading day ahead of Christmas.
- Tech stocks, including Nvidia and Tesla, drove the rally, with Nvidia up 180% for the year and Tesla seeing strong post-election momentum.
- Inflation concerns persist, with the Federal Reserve projecting core inflation to remain above its 2% target into 2025.
- Bitcoin surpassed $98,000, bolstered by post-election optimism and investor confidence in a more crypto-friendly administration under President-elect Trump.
- American Airlines briefly grounded flights due to a technical issue but resumed operations within an hour, minimizing disruptions on a busy travel day.
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