Global stocks drop, where is 'Santa Claus rally'?

Wall Street's Dow Jones Industrial Average fell 506.71 points, or 2.1 percent, to 23,593.8, the S&P 500 lost 54.09 points, or 2.08 percent, to 2,545.86 and the Nasdaq Composite dropped 156.93 points, or 2.27 percent, to 6,753.73. "If Santa Claus doesn't turn up very soon, U.S. stocks may end this year in negative territory", wrote Rabobank analysts as the Nasdaq remained the only benchmark in the black for the year, with the Dow and the S&P 500 down between 2 and 3 percent. Some investors had hoped for a bounce back before the holidays, but any "Santa Claus rally" has proven elusive so far.

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