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The London Exchange has already closed and the traders are making their way over the river and through the streets to Grandmother’s House. (Grandmother’s House is a small pub near Piccadilly Circus.) Soon they will be on their way home to ensure that the stockings are hung by the chimney because it’s already obvious that St. Nick has already begun rewarding the good girls and boys on his list.
The FTSE continued its Santa Rally today, up 15.56 pence, about one quarter of a percentage point, finishing the short business day at 6,694.17, after surpassing the 6,700 mark shortly after the opening bell. Other major indexes have been receiving Christmas Eve gifts as well.
The Dow, the S&P, and the NASDAQ are all up this morning. In fact, the Dow was up almost 25 points in very early trading and is currently holding at 16,325, 20% up from yesterdays close. The Dow continues to impress, steadily reaching new all-time highs. The S&P 500 is experiencing the same exhilaration at its new, lofty heights, up 0.11% today to 1,830.09. In the U.S. markets, the NASDAQ is not to be slighted, establishing a new 13-year high of 4,152.18. The NASDAQ is up more than 37% on the year. The S&P has gained 28.2% and the DOW has risen 24.3% for the full year.
Globally, the news is generally positive as well. Nearly all major markets responded well to the IMF’s announcement on 23 December that it is raising its outlook for the U.S. economy. The MSCI All-Country World Index closed at its highest point since January 2008. The Nikkei, the Hang Sen and the Shanghai Composite all ended Christmas Eve up from the previous day.
That’s Christmas Eve in a capsule. It hasn’t been an active day in the stock market, but it has been a good day – the kind of day we would like all Christmas Eves to be. Excuse my brevity, but Ma’s already in her kerchief and I’ve put on my cap and we’re about to lie down for a long winter’s nap. It look’s like Santa is on his way.
Merry Christmas to all!
