NEW YORK, Dec. 23 (Xinhua) -- U.S. stocks ended higher on Monday, with the tech sector leading the gains, as investors digested the Federal Reserve's signals that interest rates may remain elevated for an extended period in 2025.
The Dow Jones Industrial Average rose 66.69 points, or 0.16 percent, to 42,906.95. The S&P 500 added 43.22 points, or 0.73 percent, to 5,974.07. The Nasdaq Composite Index increased 192.29 points, or 0.98 percent, to 19,764.88.
Eight of the 11 primary S&P 500 sectors ended in green, with communication services and technology leading the gainers by adding 1.35 percent and 1.26 percent, respectively. Meanwhile, consumer staples and materials led the laggards by losing 0.57 percent and 0.12 percent, respectively.
Economic data revealed a sharp decline in U.S. consumer confidence for December, marking the steepest month-over-month drop since November 2020. The report highlighted rising concerns among Americans about the economic outlook for the coming year.
Orders for durable goods, meanwhile, which include big-ticket items like aircraft, appliances, and computers, fell 1.1 percent in November, marking the sharpest month-over-month decline since June.
Despite this, Wall Street faces a relatively light economic calendar this week, offering a chance to pause and reassess market dynamics as 2024 comes to a close. Trading will end early at 1 p.m. Tuesday, and markets will remain closed on Wednesday in observance of the Christmas holiday.
Some investors remain optimistic about a potential Santa Claus rally to close out 2024 on a positive note. Historically, the S&P 500 has gained an average of 1.3 percent during the final five trading days of the year and the first two days of January, according to the Stock Trader's Almanac.
"With the market's primary uptrends still intact, we are not giving up on the potential for a Santa Claus to come to Broad & Wall this year," Craig Johnson, chief market technician at Piper Sandler, said in a note. ■
