The Dow added 560 points, or 1.6%, The S&P 500 rose 1.8% after three days of decline, and the tech-savvy Nasdaq Composite climbed 2.4%. Crude oil trader higher and Treasury yields remained higher, Gold traded sideways.
Micron’s earning pushed the stock more than 10% higher and echoed the similar sentiment across big tech stocks, AMD, NVDA, AAPL, MSFT, AMZN, etc. which turned the market from 3 session decline to move up higher.
CNBC’s Mad Money host Cramer tweeted earlier today: “Historically today is the day the Santa Claus rally starts. It worked even during 2007-2009. So it is hard to doubt.” Also commented “If you bought today and you just held on even for six days, you made money almost every single year,” on CNBC.
Thinner trading volumes heading into the holidays could intensity market volatility. Markets risk include escalating mobility curbs to fight omicron and a diminishing the hope of BBB stimulus tailwind.
“I know some Americans are wondering if you can safely celebrate the holidays with your family and friends. The answer is, yes you can if you and those you celebrate with are vaccinated, particularly if you’ve gotten your booster shot,” President Biden said in a White House speech Tuesday. Americans should be ‘concerned about Omicron, but not panicked,’ he added.
January has been a historically strong month for the stock market, as the saying in Wall Street says, “As goes January, so goes the year.” This year 2021, as of Tuesday’s close, the Dow Jones Industrial Average was up 15.9%; the S&P 500 soared 23.7% and the tec-centric Nasdaq Composite climbed 19%.