Santa Claus rally has started, more to go, market analyst Tom Lee says


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%…


More Americans say now is a bad time to buy a home

Previous article

Qualcomm stock spikes on earnings and revenue beat

Next article

You may also like

Leave a Reply

Notify of

More in Investing