Shares in Netflix, Warner Bros Discovery and AMC Networks were among the top gainers in a so-called “Santa Claus rally” at the end of a rough year for media and tech stocks
The tech-heavy Nasdaq finished the day up 2.6% to finish at 10,478.09, but it remains on track for its worst year since 2008. Even so, the Santa Claus rally — a nickname for a frequently occurring uptick in the final days of December — is an actual thing. And it can bode well for the new year. According to FactSet, the S&P 500 Index gained an average 1.3% a year over the last five trading days of the year and the first two of the new one every year since 1950.
Other winners included WBD, up 6% to $9.43; Chicken Soup for the Soul Entertainment, up 8% to $5.52; and AMC Networks, up 7% to $15.48.Must Read Stories
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