Futures open flat after S&P 500 hits fresh record to kick off Santa Claus Rally
U.S. stock futures were sideways on Monday after the S&P 500 closed at another record high in an all-around strong day for markets that jump-started the anticipated year-end bull run known to investors as the Santa Claus Rally.
Contracts on the S&P 500, Dow, and Nasdaq were largely unchanged going into overnight trading.
For the second consecutive trading session, the S&P 500 soared past its previous peak, marking the benchmark’s 69th record close of the year along with broader market advances in the final stretch of 2021.
The moves suggest that a Santa Claus Rally — one in which stocks climb higher in the final five trading sessions of a year, plus the first two trading days of the new year — is so far underway. Over the past 92 years, the S&P 500 gained 77% of the time during the year-end rally period, according to data from Sundial Capital Research. The average gain in this seven-day trading period tallied 2.66%.
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