S&P close to giving up its Santa Claus rally gains

Just before the FOMC meeting minutes, the Dow was up 156 points. The S&P was up 35 points on the NASDAQ index was up 95 points. Those gains have now been eroded with the Dow and the NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term now trading and negative territory.

• Dow Industrial Average is down 50 points or -0.15%.
• The NASDAQ index is down one point on the day.
• The S&P is holding onto a six point gain

The Russell 2000 is also still positive at +16.67 points or 0.95%, but it was up 28.5 points just ahead of the meeting minutes.

For the Santa Claus rally for 2022/23 to be a truism this year, the S&P needs to close above 3822. At up six points, the index is trading at 3830, an 8 point cushion the head of that breakeven level