Dow, S&P 500 Hit Record Highs as "Santa Rally" Kicks Off

• Dow Industrials and S&P 500 closed at record highs on Wednesday, marking their fifth consecutive session of gains.
• The rally is attributed to a "Santa rally" phenomenon, a rebound in AI-related stocks, and a resilient U.S. economy.
• Expectations for Federal Reserve rate cuts next year, despite low probability for a January cut, also boosted sentiment.
• Micron Technology surged 3.8% to a record high, and Dynavax Technologies soared 38.2% on acquisition news.
• Trading volumes were light in the holiday-shortened session, with U.S. markets closed Thursday for Christmas.

Why It Matters: U.S. stocks soared to record highs, fueled by AI rebound, economic resilience, and rate cut hopes.