Wall Street's recent strength reflected sustained upward momentum, with Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, noting that 'the path of least resistance is higher until the end of the year.' Trading volumes were relatively light as many investors were away for the Christmas holidays, and U.S. markets were set to close early on Christmas Eve and remain shut on Christmas Day.

On the economic front, the Labor Department reported that first-time claims for unemployment benefits fell more than expected to 214,000 in the week ended December 20, down from 224,000. Despite seasonal fluctuations, Nancy Vanden Houten of Oxford Economics said the data indicate steady labor market conditions and do not alter expectations for Federal Reserve policy.

The broader markets moved to the upside, most of the major sectors showed only modest moves. Housing and banking stocks saw some strength on the day while gold and oil service stocks moved to the downwards.

Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index edged down by 0.1%, while China's Shanghai Composite Index climbed by 0.5%. European stocks saw modest weakness. The U.K.'s FTSE 100 Index dipped by 0.2% and the French CAC 40 Index closed just below the unchanged line, while the German market was closed on the day.

In the bond market, treasuries have moved higher after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, is down by 3.3 bps at 4.13%.

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