On Christmas day, Tokyo and Shanghai saw a slip in shares, with Japan's Nikkei 225 index edging 0.1% lower and the Shanghai Composite index losing 0.2%. The upcoming weekly update on U.S. unemployment benefits is awaited on Thursday.
Oil prices saw an increase, with U.S. benchmark crude oil rising to $70.17 per barrel and Brent crude reaching $73.23 per barrel. The dollar also saw a rise against the Japanese yen and the euro.
In the U.S., Wall Street closed higher in a shortened holiday session, with gains in Big Tech stocks driving the S&P 500 up by 1.1%. The Dow Jones Industrial Average and the Nasdaq composite also saw gains of 0.9% and 1.3% respectively.
Advancers outnumbered decliners on the New York Stock Exchange, with notable gains in stocks like Broadcom, Apple, Amazon, and Tesla. American Airlines recovered from a technical issue to end with a gain, while U.S. Steel rose after a government panel's decision on a proposed sale.
NeueHealth surged after agreeing to be taken private in a deal valued at $1.3 billion. The U.S. market experienced a 'Santa rally,' a historically cheerful season with average gains during the last days of the year and the first days of the new year.
Despite concerns over potential economic policies, the U.S. market is on track to deliver strong returns for the year, with the S&P 500 up 26.6% and nearing its all-time high set earlier this month.
