Market Insider

Santa rally fizzles: 'Kiss Dow 20,000 goodbye for 2016'

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Faber: Rising rates could kill the rally

The Santa rally has run out of steam, and it now appears investors will probably have to wait until the new year to see Dow 20,000.

Stocks stalled out Wednesday, and then declined in the second biggest loss since the election. The Dow opened just a short hop away from 20,000 but lost 111 points, falling to 19,833. The fell 18 to 2,249.

"I think Santa is checking into a home," said Art Cashin, director of floor operations at UBS. When asked if the Dow would reach the 20,000 mark this year, he replied, "I don't think so."