Traders work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters
The so-called “Santa Claus rally” is already upon us, according to Tom Lee, Fundstrat Global Advisors’ head of research.
The Dow Jones Industrial Average hit another new record on Thursday, bringing its gain for the year to 18%. Improving economic data and solid earnings have prompted the analyst to raise his year-end target for the S&P 500 to 3,185, a roughly 3% gain from here.
“We are in the final eight weeks of 2019, and roughly the start of the Santa Claus rally,” Lee said in a note to clients on Thursday. “This effect is very strong in last 20 years.”
Since 1998, when the S&P 500 is up more than 9.5%…