[2][3] Over the 7 trading days in question, stock prices have historically risen 76% of the time, which is far more than the average performance over a 7-day period.
However, in the weeks prior to Christmas, stock prices have not gone up more than at other times of the year.
[4][5] In 2024-2025, the S&P 500 completed a reverse Santa Claus rally by selling off during every business day between Christmas and New Year’s, a historic first for the index.
[citation needed] The Santa Claus rally was first recorded by Yale Hirsch in his Stock Trader's Almanac in 1972.
[6] The Dow Jones Industrial Average has performed better in years following holiday seasons in which the Santa Claus rally does not materialize.