US stocks open higher amid talk of ‘Santa Claus rally’

File picture shows traders working on the floor of the New York Stock Exchange in New York January 2, 2015. — Reuters pic
File picture shows traders working on the floor of the New York Stock Exchange in New York 2, 2015. — Reuters pic

NEW YORK, Dec 28 — stocks opened higher today, keeping hope alive for a “Santa Claus Rally” despite worries about slowing economic growth.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 23,266.54, up 0.6 per cent.

The broad-based S&P 500 advanced 0.7 per cent to 2,506.88, while the tech-rich Nasdaq Composite Index climbed 0.8 per cent to 6,629.10.

have risen the last two sessions, recovering some of the losses from a bruising December that has seen investors flee amid a range of issues, including a US government shutdown, higher Federal Reserve interest rates and forecasts for slowing growth in 2019 and a possible recession in 2020.



The normally-sleepy period between Christmas and New Year’s typically sets conditions for a “Santa Claus” rally, when stocks float higher in lightly-traded sessions. 

However, trading data suggest volume this year is busier than usual as stocks have gyrated.

Among individual companies, Tesla Motors rose 2.4 per cent after announcing that it named Oracle co-founder Larry Ellison and Walgreens Boots Alliance Executive Vice President Kathleen Wilson-Thompson to its board of directors, completing the requirements of a US settlement of fraud charges involving Chief Executive Elon Musk. — AFP

Source: The Malay Mail Online





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