The absence of a Santa Claus Rally on Wall Street tells us nothing about the stock market’s prospects in 2023. The U.S. stock market has done just as well following holiday seasons when there is no Santa Claus Rally as when there is.

That should provide some solace to investors who worry that Santa Claus will skip Wall Street this year. The Dow Jones Industrial Average DJIA, S&P 500 SPX and the Nasdaq COMP all are down in December so far.

There…