Stock indexes fell Thursday in their first trading session after Christmas, paring some gains from the previous week’s so-called Santa Claus rally.
The Dow Jones Industrial Average lost about 130 issues to open down 0. 3%. The S
The market’s downbeat open follows back-to-back gains earlier in the week before closing early on Christmas Eve. 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 in that period, and if that proves true this year, it could set the market on track for another year of strong gains, analysts believe.
“History says, but guarantees, that while the market starts off on the right foot, it rarely stumbles throughout the year,” said Sam Stovall, lead investment strategist at CFRA Research.
At the same time, initial jobless claims came in lower than expected, at 219,000 last week, versus a consensus of 225,000. However, continuing claims rose to 1. 91 million, reaching their highest point in more than three years.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
Here’s what’s happening the most: