Dow Jones marks first nine-day losing streak since 1970s on Tuesday
Date
12/18/2024 1:55:13 AM
(MENAFN) Wall Street's major indexes declined on Tuesday, as investors adopted a cautious stance ahead of the Federal Reserve's interest rate decision later this week, coupled with strong retail sales data that suggested robust consumer demand. This combination of factors caused uncertainty in the markets.
The S&P 500 dropped by 21.5 points, or 0.35 percent, while the nasdaq Composite saw a larger fall of 78.3 points, or 0.39 percent. The Dow Jones Industrial Average fell by 250 points, or 0.55 percent, marking its first nine-day losing streak since the 1970s. The losing streak began the day after the Dow had reached a historic high, closing above 45,000 for the first time earlier this month.
The losses in the Dow were primarily driven by a shift in investor interest from older economy stocks to technology stocks. These technology stocks have been performing well recently, unlike some of the stocks that had gained after Donald Trump’s re-election, which dominate the Dow.
Meanwhile, some tech stocks, like Broadcom, Alphabet, Apple, and Tesla, hit new highs. Tesla shares, in particular, soared past USD478, pushing the company's market value closer to USD1.5 trillion. On the other hand, the stronger-than-expected retail sales figures for November raised concerns that the Federal Reserve might take action that could be seen as excessive.
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