Will we see a Santa Claus rally?
Heads up: Will we see a Santa Claus rally? That’s Wall Street’s term for the stock gains that often come just before the end of the year for a variety of investing and accounting reasons. Maybe we’ll get one, despite dour economic news expected in the few reports out this week. They include two Tuesday on the housing market: the Commerce Department’s monthly update on existing-home sales and National Association of Realtors figures on new-home sales for November. Also Tuesday are third-quarter figures on gross domestic product. On Wednesday, look for data on personal income and durable goods orders.
Wednesday: This is the deadline for JPMorgan Chase to decide which Washington Mutual leases it wants to keep, according to an agreement it signed with the Federal Deposit Insurance Corp. when it acquired WaMu out of receivership Sept. 25. The New York bank can walk away from any space it does not want, and the landlords would become creditors in WaMu’s receivership…. This is the last day to shop before Christmas, drawing to a close a holiday sales season expected to be the weakest in decades. … U.S. stock markets close three hours early.
Thursday: U.S. financial markets, and most markets around the world, will be closed for the Christmas holiday.