European Stocks Rise Amid Holiday-Thinned Trading

Kiran Ridley | Getty Images News | Getty Images

LONDON – European stocks rose Tuesday as holiday-thinned trade continues in the region.

The pan-European Stoxx 600 index gained 0.6%. In Germany, the Dax climbed 0.9%, and France's CAC 40 gained 0.6%. Markets in the U.K. and Ireland remained closed due to Christmas festivities.

U.S. markets re-opened on Monday after the Christmas holiday with indexes seeing positive momentum; the S&P 500 gained nearly 1.4% to close at 4,791.19, marking its 69th record close of the year. On Tuesday, the S&P 500 set a fresh intraday all-time high.

Investors are looking for a Santa Claus rally to close out a year in which the S&P 500 has rallied more than 27%. The benchmark index historically gains during the Santa Claus rally — the final five trading days of the current year and the first two of the new year. The period began Monday.

Market players have spent recent weeks juggling concerns over new Covid restrictions and tighter central bank policy with early studies suggesting omicron strain of the virus is milder than previous variants like delta.

New studies in South Africa and the U.K. last week suggested omicron has a reduced risk of hospitalization and severe illness. In the U.K. at the end of last week, infections were still topping 100,000, while France has also reported cases above that figure for the first time.

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— CNBC's Matt Clinch contributed to this market report.

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