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The indexes fell on Thursday in their first trading session after Christmas.
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The losses follow back-to-back gains earlier this week as traders hope for a Santa Claus rally.
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Jobless claims came in lower than expected, while continuing claims rose to a three-year high.
Stock indexes fell in their first post-Christmas trading session on Thursday, reversing some gains from a so-called Santa Claus rally earlier this week.
The Dow Jones Industrial Average lost about 130 points to open 0.3% lower. The S&P 500 and Nasdaq also fell, down 0.3% and 0.2% respectively.
The market's gloomy opening follows back-to-back gains earlier this week before closing early on Christmas Eve. The markets remained closed on Christmas Day.
Traders have been hoping for a so-called Santa Claus rally, which started on Tuesday and extends from the last five trading days of the year to the first two of January.
Indices have historically done well during this period, and if that proves true this year, it could put the market on track for another year of strong gains, analysts say.
“History says, but does not guarantee, that when the market starts well, it will rarely dip and fall for an entire year,” said Sam Stovall, chief investment strategist at CFRA Research.
Initial jobless claims, meanwhile, came in lower than expected at 219,000 for the past week, compared to consensus estimates of 225,000. However, continuing claims rose to 1.91 million, reaching the highest level in more than three years.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
Here's what else happens:
Read the original article on Business Insider
