Business
What Santa Claus Rally? All S&P 500 Sectors Are Down
The so-called Santa Claus rally—a market phenomenon that lifts stock prices in the days surrounding Christmas and New Year’s—has failed to materialize so far this year. One investor says Wall Street might as well give up on the man with the bag.
“We don’t really believe in the Santa Claus rally. We’re not pagans—the seasonality that we pay attention to is driven by earnings,” said Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Advisors. “We call it the ‘Santa Claus stall.’ Basically nothing happens.”
It’s shaping up to be more than just a stall in stock prices: All 11 sectors in the S&P 500 were lower in Wednesday afternoon trading. The last time all 11 sectors fell on the same day was May 28, according to Dow Jones Market Data.
