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US stocks rallied in the final, shortened trading session before the Christmas holiday. The benchmark S&P 500 (^GSPC) finished the session up over 1.1%, while the tech-heavy Nasdaq Composite (^IXIC) rose roughly 1.4%. The Dow Jones Industrial Average (^DJI) climbed around 0.9%.
Wall Street successfully entered its Christmas break rejuvenated, after tech stocks including AI chip giant Nvidia (NVDA) led the march higher. Markets closed at 1 p.m. ET and are off tomorrow for Christmas Day.
Sizable gains in the past three trading sessions have put the indexes back on the path toward their record highs, from which they took a Fed-fueled nosedive last week.
Wall Street is reassessing the path of interest rates next year as it grapples with the reality that the Fed mostly pulled off a so-called soft landing — but couldn’t fully shake the US economy’s inflation problem. According to the CME FedWatch tool, most bets are on two coming holds at the Fed’s January and March meetings, followed by a toss-up in May.
Meanwhile, many eyes continue to be trained on Nvidia, which ticked up again Tuesday after a 3.5% gain on Monday. As Yahoo Finance’s Dan Howley writes, 2024 was Nvidia’s year, with the stock up some 180%. But 2025 could contain plenty of challenges.
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