Stocks soar heading into busy holiday shopping season
A local financial advisor says the Christmas season is usually the best on Wall Street
MERIDIAN, Miss. (WTOK) -
Earlier this week, the U.S. Stock Market pushed to record highs as investors recognized some positive economic signs. The Dow Jones traded about 30,000 points for the first time ever and is on track to cement it’s best monthly performance since 1987.
One key driver of the rally was more upbeat news coming from pharmaceutical companies about promising effective COVID-19 vaccines. Local investment advisor John McRae also says the upcoming Christmas season is also traditionally a good time for the markets.
”Historically, this is the best time of the year for the market,” said John McRae, Senior Financial Advisor at Raymond James in Meridian. “You have the old Santa Claus rally that the market tends to out perform that last month of the year just like it under performs in September and October. I think it has more so to do with the timing that there’s more money that goes into the market during that time of the year with end of the year contributions and things like that than anything else. Typically it does rise at the end of the year though.”
McRae also reminds everyone that investing in normally a long-term venture.
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