Stocks Hit Highs as ‘Santa Rally’ Countdown Begins: Markets Wrap

A relatively quiet session on Wall Street before Christmas saw stocks hitting all-time highs, with more signs the jobs market is not quickly deteriorating supporting bets on a soft economic landing.

Investors hoping for a “Santa Claus Rally” — which typically encompasses the last five trading days of the year and the first two of the new one — saw the S&P 500 rising in a shortened session ahead of the holiday. Treasury yields edged lower. The dollar barely budged.