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Market resumes Santa Claus rally heading into final week of 2023
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Wall Street and stocks worldwide have been cheered by rate-cut hopes.
PHOTO: REUTERS
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SINGAPORE - After hitting midweek turbulence, the stock market’s Santa Claus rally resumed on Dec 21 and 22, gathering steam heading into the final week of the year.
While the brief pullback on Dec 20 came on the back of a sharp sell-down on FedEx – often regarded as an economic barometer – after the delivery giant posted disappointing results, some market insiders attributed the dip to algorithmic programmed trading adjustment, which has since run its course.
