Wall Street awaits ‘Santa Rally’ with US stocks near records

Wall Street is counting on the so-called Santa Claus Rally to bring record highs as markets close out 2023 with strong gains. The S&P 500 is up over 4% in December alone and has risen 24% this year, bringing it within 1% of a new all-time high. The end of the year tends to be a strong period for stocks, a phenomenon dubbed the “Santa Claus Rally.”