The Unraveling of December’s Illusion

The so-called “Santa Claus rally” has long been a ritual-a five-day truce between greed and despair. From 1950 to 2025, the S&P 500 (now ^GSPC +0.55%) managed to rise 78% of the time in this period, averaging 1.3% gains. It was a fragile hope, like a candle in a gale.



