Though there are still several more trading days left in 2019, the holiday season and the resulting low volatility have left analysts optimistic that 2019 will end with record gains. According to reports by CNBC, global stock markets gained $17 trillion and they are now approaching $90 trillion in value.
Boosting the markets was a slew of easy money policies implemented by central banks worldwide. A rally of U.S. tech stocks also helped push markets higher. Wall Street indexes closed mixed to end Tuesday’s holiday-shortened trading session. The NASDAQ ended up 0.08 percent while the S&P 500 and the Dow Jones Industrial Average closed lower, down 0.02 percent and 0.13 percent respectively. Asian markets also closed mixed on Tuesday, with Australia’s ASX 200 inching up 0.13 percent while most other benchmarks closed lower. China’s stock markets were closed. Despite Tuesday’s modest losses, global indexes are on course for their best year since 2013. The Wall Street Journal reported on Tuesday that the S&P 500 is expected to log near 30 percent gains for the year. Likewise, despite failing to close at new highs as it has become accustomed to in recent weeks, the S&P 500 posted 21 new 52-week highs on Tuesday and no new lows. According to Reuters, the NASDAQ posted 91 record highs and 28 new lows.
The “Santa Claus Rally”, a phenomenon during which stock prices jump during the last five trading days of the year, is expected to surface after the Christmas holiday and to carry global markets through the rest of the year.