4:10pm: Indexes shoot for ninth-straight winning week
The Dow closed Boxing Day up 159 points, 0.4%, at 37,545, the Nasdaq Composite gained 82 points, 0.5%, to 15,075 and the S&P 500 added 20 points, 0.4%, to 4,775. The small-cap Russell 2000 index rose 31 points, 1.5%, to 2,065.
The S&P inched closer to its all-time record close of 4,796.56 set in January 2022.
If the trend continues, the three major indexes are each on pace to reach nine-week winning streaks.
“I don’t love the term, but if you were to describe what is happening it’s definitely Goldilocks for the market,” said Jan Szilagyi, CEO and co-founder of Toggle AI. “Inflation’s coming down, the economy is still chugging along, and the hiking cycle’s over. On all of these macro trends, the rally has been justified.”
12:35pm: Nio stock rises on new sedan unveiling
At midday, the Dow climbed 130 points, 0.4%, to 37,516, the Nasdaq Composite rose 62 points, 0.4%, to 15,056 and the S&P 500 increased 16 points, 0.3%, to 4,770.
The first day of the shortened holiday week has seen lower volume but there is still reason for optimism, according to Truist co-chief investment officer Keith Lerner.
“You still have money dripping in even though it’s weakened, and a solid bid underneath the surface as we head into year end,” Lerner said. “That’s likely to continue.”
Meanwhile, Nio shares are up nearly 10% after the company revealed a new electric sedan.
10:42am: Intel rises on Israeli government grant
About an hour after the opening bell, the Dow gained 109 points, 0.3%, to 37,495, the Nasdaq Composite improved 69 points, 0.5%, to 15,062 and the S&P 500 added 16 points, 0.3%, to 4,770.
Notably, the S&P 500 entered the shortened holiday trading week about 1% off its record close of 4,796.56 set in January 2022.
Meanwhile, Intel shares rose 3.8% after the company received a $3.2 billion grant from the Israeli government for a $25 billion facility in the country.