(Bloomberg) — Wall Street kicked off the final week of 2023 on a quieter note after a ferocious rally that put the US stock market within a striking distance of its record.
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Equities edged higher amid low volume, following the S&P 500’s longest weekly run since 2017. The Federal Reserve’s dovish signals this month fueled risk appetite in a surge that brought the American stock gauge less than 1% away from its all-time high while leading to warnings about a pullback.
The so-called Santa Claus rally typically encompasses the last five trading sessions of the year and the first two of the new one. Overall, this trading period has a pretty strong record. Since 1969, the S&P 500 has averaged a gain of 1.3% over the seven-day period, according to the Stock Trader’s Almanac.
“The focus will quickly pivot to whether the market will be able to sustain its momentum into the New Year, and that may depend on how…
