Markets wrapped up Wednesday's abbreviated trading session on a high note, with the S&P 500 punching through to fresh records and the Dow tacking on nearly 290 points. Investors seemed content to head into the Christmas break with portfolios looking pretty healthy.
The CNN Money Fear and Greed Index captured the mood perfectly, climbing to 58.7 from Tuesday's 57.7 reading and staying firmly planted in "Greed" zone. That's not surprising given the rally we've seen, but it does suggest investors aren't exactly rushing for the exits right now.
The New York Stock Exchange closed early at 1 p.m. ET on Wednesday and remained shuttered Thursday for Christmas Day, giving traders a long weekend to digest recent gains.
Some individual movers caught attention during the shortened session. Nike (NKE) shares got a boost after Apple Inc. (AAPL) CEO Tim Cook disclosed he'd purchased 50,000 shares at $58.97 each. Meanwhile, Micron Technology Inc. (MU) climbed around 4%, extending its post-earnings rally to an impressive 27% over the past five sessions.
Economic data provided some holiday cheer as well. U.S. initial jobless claims dropped by 10,000 from the previous week to 214,000 in the week ending December 20, coming in better than the 223,000 analysts had expected. That suggests the labor market remains reasonably healthy heading into year-end.
Most sectors on the S&P 500 finished in the green, with consumer staples, real estate, and utilities stocks posting the biggest gains. Energy stocks bucked the trend, closing lower as the broader market climbed.
Final numbers: The Dow Jones rose 289 points to 48,731.16. The S&P 500 gained 0.32% to 6,932.05, while the Nasdaq Composite added 0.22% to finish at 23,613.31.
