Stock Market Update Thursday January 4, 2024 The Santa Claus Rally period consists of the last 5 trading days of the year plus the first 2 of the new year. If Santa Claus should fail to call, the bears may come to Broad and Wall. 'The Santa Claus Rally' is a term precisely defined to encompass the final five trading days of the year and the first two days of the new year, a concept initially coined by Yale Hirsch quite some time ago. It is usually an up period, occurring 78% of the time since 1928 for the S&P 500. Another Wall Street adage is 'As Goes The First Week, So Goes The Year.' There is one more day left in the week, and it will be determined by the Non-Farm Payroll tomorrow. Today we had Jobless claims for the final week of 2023 came in better than expected, with initial claims dropping to their lowest level since mid-October. The December U.S. PMI showed a slight uptick in business activity, with new orders rising at their sharpest rate since June.
Away From Stocks: The ong bond rising and closed at 4% and the two-year yield closed at 4.38$ WTI closed at 72.19 and gold closed lower at $2,043, VIX closed above 14 again.
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