Tech rally drives indexes

December 29, 2015 12:32 PM

Still, the slide in oil prices appear to have dashed hopes of a strong year-end rally, traditionally known as the Santa Claus rally.

Trading volumes are expected to remain thin this week as the year winds down.

"I don't think what you're seeing today and probably what you'll see tomorrow and Thursday is going to be indicative of any long-term fundamental movement," said Ernie Cecilia, chief investment officer of Bryn Mawr Trust in Devon, Pennsylvania.

Pep Boys was up 8% at $18.79 after the auto parts retailer's board found Carl Icahn's latest offer superior to the deal it accepted from Japan's Bridgestone.

Advancing issues outnumbered decliners on the NYSE by 1,968 to 1,024. On the Nasdaq, 1,670 issues rose and 1,063 fell.

The S&P 500 index showed 24 new 52-week highs and no new lows, while the Nasdaq recorded 63 new highs and 28 new lows.

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Abhiram Nandakumar, Reuters