Stock indexes fell on Thursday in their first trading query after Christmas, trimming some gains from the previous week’s so-called Santa rallies.
The Dow Jones Industrial Average lost on emissions and opened down 0. 3%.
The bearish market opening follows back-to-back gains from the week leading up to the end early on Christmas Eve. The markets remained closed on Christmas Day.
Traders have hoped for a so-called Santa Claus rally, which kicked off on Tuesday and stretches from the last five trading days of the year into the first two of January.
Indices have traditionally performed well this period, and if that proves true this year, it could put the market on track for another year of strong gains, analysts say.
“History says, but does not guarantee, that if the market starts out on the right foot, it rarely trips and falls for the full year,” CFRA Research’s chief investment strategist Sam Stovall said.
At the same time, early jobless claims fell short of expectations: 219,000 last week, compared to a consensus of 225,000. However, ongoing applications rose to 1. 91 million, reaching their highest point in more than three years.
This is where the U. S. indices were a while after the opening bell at 9:30 a. m. Thursday:
Here’s what else is happening: