Traders work on the trading floor of the New York Stock Exchange.
A resilient stock market shook off much of its losses on Monday, signaling that there is a good chance that a Santa Claus rally will push the market higher towards the end of the year.
The Dow Jones Industrial average closed slightly but rebounded about 450 points from worse losses. The Dow ended the day at 30,216, up 37 points while the S&P 500 rose 14 points, or 0.4%, to 3,694. The Nasdaq lost 13 points to 12,742.
The stocks sold heavily in early trading amid further lockdowns in the UK and a mutation of the virus. Some analysts said Friday afternoon’s realignment of the S&P 500 to Tesla for Monday trading was also a factor as index investors would have to sell other S&P stocks to make way for the electric car maker.