Christmas rally fails as US stock market declines continuously, Bitcoin drops by $15,000

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The "Santa Claus Rally" has officially failed. The US stock market will close with continuous declines during the 2024 holiday trading period, a rare and unwelcome event that has only occurred twice in market history.

Investors had originally hoped for a year-end rally to boost their portfolios, but now they are buying coal. In early trading on Monday, stock index futures are even weaker. Dow futures fell by 81 points, down 0.19%. S&P 500 futures dropped 0.16%, while Nasdaq 100 futures remained flat.

Overall, major indices are still performing strongly in 2024, but the performance in December has been very poor. The S&P 500 index fell by 1%, and the Dow Jones index dropped by 4.3%, marking the worst month since April. Despite these losses, the S&P 500 index is still up 25.2% this year, and the Dow Jones index is up 14.1%.

The Nasdaq Composite Index has risen by 31.4%, making it a clear winner in 2024. But no one is celebrating now. The "Christmas Rally" is a historically bullish period, including the last five trading days of December and the first two trading days of January, but it has failed to materialize.

Data from LPL Financial shows that historically, the S&P 500 index has averaged a rise of 1.3% during this period. How about this year? The increase is minimal. Instead, Friday's sell-off and the increasing profit-taking at year-end have left investors in a dilemma.

Nasdaq shines, Bitcoin underperforms

Despite market fluctuations, the Nasdaq index ended the fourth quarter with outstanding performance. The index rose by 8.4%, marking the longest rally since 2021. The S&P 500 index also followed closely, rising by 3.6% this quarter, marking its fifth consecutive rise. The Dow Jones index was not so lucky, with a quarterly increase of only 1.6%, barely holding on.

Meanwhile, cryptocurrency enthusiasts are witnessing Bitcoin losing momentum. Earlier this year, due to President Donald Trump's pro-cryptocurrency policies, Bitcoin, the leading cryptocurrency, surged, but now it continues to decline. As of the time of this writing, Bitcoin's value is approximately $93,420, about $15,000 lower than its all-time high of $108,400.

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