The S&P 500 closed higher Monday, adding to recent gains as markets look to make a strong end to the year, even as trading volumes thin in the holiday-shortened week.
At 4 p.m. ET, the S&P500 rose 0.5%, the Nasdaq 100 added 0.6%, Dow Jones Industrial Average jumped about 0.5%, or 227 points.
Trading conditions are expected to be subdued in the days ahead as U.S. markets move into a holiday-shortened schedule. Wall Street will close early on Wednesday and remain shut on Thursday for Christmas Day, a factor that typically dampens volumes and can exaggerate price swings.
Wall Street banks continue rally to push financials higher; AI trade continues recovery
Big bank stocks, which recently hit record highs, extended their bullish run, with Citigroup Inc (NYSE:C) jumping more than 3% to a fresh 52-week high, underpinned by optimism that the ongoing strength in deal making and trading is set to continue just as the Trump administration signals plans to cut financial services regulation.
Blackstone Inc (NYSE:BX), Charles Schwab Corp (NYSE:SCHW), and BlackRock Inc (NYSE:BLK) were also among the biggest gainers, pushing the broader financial sector up more than 1%.
As well as AI stocks also helped the broader market, with NVIDIA Corporation (NASDAQ:NVDA), Oracle Corporation (NYSE:ORCL), and Broadcom Inc (NASDAQ:AVGO) in the ascendency following their recent wobble.
Fed leadership clues eyed Investors were also watching developments around the Fed’s leadership transition for fresh clues on the policy outlook.
With current Fed Chair Jerome Powell’s term set to end in May and President Donald Trump conducting interviews with several finalists, markets are parsing comments on interest rates and monetary strategy.
