After several weeks of being dragged down by sluggish oil prices, the stock markets turned higher for the holidays. The market closed above 18,000 (18,026) for the first time Tuesday. The Down hit a high of 18,056 in earlier trading. The S&P 500 is also trading at an all-time high, reaching 2,085 before closing at 2,082, as the two indexes are up 9 and 13 percent respectively for the year.
The market jump came as investors learned the U.S. economy grew at 5 percent for the third quarter, the strongest growth since 2003. Low interest rates and corporate profitability combined with the so-called “Santa Claus rally,” are credited with pushing the markets higher.
The only drag on the holiday cheer was the NASDAQ which was down 16 points due to weakness in some biotech and health care stocks.
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