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Market Indexes Set Records as Santa Rallies on Wall Street.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 1999 by Walker, Tom
Dec. 24--Santa Claus paid an early visit to the stock market Thursday. The Nasdaq composite topped 4,000 for the first time and the Nasdaq, Dow Jones industrial average and Standard & Poor's 500 closed at record levels.
It was a classic case of the so-called Santa Claus rally, according to analysts, as seasonal trading pushed stocks higher despite a holiday-related drop in volume.
"There is a seasonal upside bias at this time of the year based on money flows accelerating and liquidity becoming thinner as some institutions close their books for the year," said Prudential Securities strategist Larry Wachtel.
Volume diminishes as traders and investors leave their desks before the Christmas holiday weekend, which means the market rises on weaker...
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