Stocks had their worst Christmas Eve a few weeks ago. The S & P 500 hit a new low in 2018 (2,351).

But since then, the market has had an impressive comeback. Since December 24, 2018, here are the performances of the main indices:

Dow Jones Industrial Average (^ DJI): up 9.7%

S & P 500 (^ GSPC): 10% increase

Nasdaq (^ IXIC): up 12.3%

The gains stem from an employment report in December and a wave of comments from Federal Reserve Chairman Jerome Powell, insisting that the central bank will patient in the face of rising rates.

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So, was Christmas Eve a reserve fund? Perhaps, said David Bahnsen, founder and chief investment officer of the Bahnsen Group.

"I certainly think that was the case, and I think we are deeply upset at that time," he told Yahoo Finance. "The Fed, China / trade and earnings growth prospects are moving targets! We are even weight neutral in US equities, with an exclusive focus on individual companies trading at compelling stocks. "

Veteran strategist Tom Lee of Fundstrat agrees that the bottom of the stock could have been close to 2,350 in the S & P 500, but notes that a new test of this level is possible. If the market returns to its low level of Christmas Eve, Lee thinks it will be an opportunity to buy.

Lee 's price target on the S & P 500 for the end of the year 2019 is 2,850.

However, it's not because stocks are falling after months of decline that the trend is up to your friend.

"Do not believe that stocks have regained their old way of making money easily," said Nick Colas, co-founder of DataTrek Research, in an interview with Yahoo Finance. "The recent recovery is probably due to the end of selling tax losses as we enter the new year."

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