(MENAFN- AFP) The Dow and S&P 500 dropped early Thursday while the Nasdaq clung to slight gains as the market aimed to extend a three-day rally in a holiday-shortened session.
About 30 minutes into trade, the Dow Jones Industrial Average was at 17,561.89, down 40.72 points (0.23 percent).
The broad-based S&P 500 shed 3.86 (0.19 percent) to 2,060.43, while the tech-rich Nasdaq Composite Index added 0.85 (0.02 percent) at 5,046.79.
The S&P 500 gained 2.9 percent through the first three trading days this week, encouraged in part by steadying oil prices. Analysts have said market movements were accentuated by low trading volumes.
US oil prices rose modestly early Thursday. However, oil producers such as ExxonMobil and Chevron were down about one percent after posting large advances Wednesday.
Among other big movers, solar company SunEdison jumped 7.8 percent after disclosing it was in talks with lenders on a new $650 million credit facility, while egg producer Cal-Maine Foods fell 2.5 percent after reporting results that missed analyst expectations.
The gains this week have prompted talk on whether a "Santa Claus rally" has begun. Investopedia, an online financial resource and dictionary, defines the period in question as only the week between Christmas and New Year's Day.
"The rally we have seen this week hasn't been the real deal as it relates specifically to what everyone has been referring to as the 'Santa Claus rally. 'It's been more like the shopping mall Santa Claus rally," said Briefing.com analyst Patrick O'Hare.
"We'll soon see if the real Santa Claus rally shows up on Wall Street. The pretend one certainly has."
Official data showed that US jobless claims, an indicator of the pace of layoffs, dipped for the week ending December 24.
US equity markets close at 1800 GMT ahead of the Christmas holiday. Markets are closed Friday.
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