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History shows that the Santa Claus rally usually starts during October. This year, the S&P 500 had a terrible September, falling 9.3%. Since the end of that month through today's close, the index is up 7.6%.
It could be tough sledding for Santa over the rest of this week. After the close, Google missed earnings as YouTube's ad revenue disappointed. In addition, Microsoft beat expectations on the top and bottom lines, but cloud revenue was lower than expected, and the company's quarterly guidance fell short of expectations as well. Both companies are planning to cut costs.
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