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Wall Street Ends 2024 With Losses But Achieves Significant Annual Gains
(MENAFN- The Rio Times) Wall Street closed the final trading session of 2024 in negative territory. Investors took profits before the turn of the year, especially in technology stocks. The tech sector experienced the day's largest decline at 1.04%.
The Dow Jones fell 0.07% to 42,544.20 points. The S&P 50 declined 0.43% to 5,881.63 points. The Nasdaq dropped 0.90% to 19,310.79 points. This marked the fourth consecutive day of losses in a period of low liquidity and few strong catalysts.
Despite the day's losses, the stock market recorded impressive gains for the year. The Dow Jones rose 12.88%, while the S&P 500 climbed 23.31%. The Nasdaq led with a 28.64% increase. These gains stemmed from expectations surrounding artificial intelligence and Federal Reserve interest rate cuts.
The technology sector faced the most significant losses on the last trading day. Tesla fell 3.26%, affected by a recall of 700,000 vehicles. Nvidia dropped 2.33%, and Alphabet declined 1.02%. The consumer discretionary and communication services sectors also saw notable decreases.
President-elect Donald Trump's promises of deregulation and tax cuts boosted market optimism. However, the Federal Reserve's indication of more gradual interest rate cuts tempered enthusiasm. This led to a significant rise in Treasury yields, limiting stock market gains.
The 10-year Treasury Note yield closed at 4.576%, up from 4.543% in the previous close and 3.94% a year ago. The DXY index, measuring the dollar against a basket of currencies, rose 0.30% to 108.46 points. Over the year, the DXY advanced 7%.
Investors now look to 2025 with cautious optimism. They weigh the potential for continued economic growth against geopolitical uncertainties and monetary policy shifts. The market's resilience in 2024 sets a positive tone for the coming year, despite ongoing challenges.
Wall Street Ends 2024 with Losses but Achieves Significant Annual Gains
The Dow Jones fell 0.07% to 42,544.20 points. The S&P 50 declined 0.43% to 5,881.63 points. The Nasdaq dropped 0.90% to 19,310.79 points. This marked the fourth consecutive day of losses in a period of low liquidity and few strong catalysts.
Despite the day's losses, the stock market recorded impressive gains for the year. The Dow Jones rose 12.88%, while the S&P 500 climbed 23.31%. The Nasdaq led with a 28.64% increase. These gains stemmed from expectations surrounding artificial intelligence and Federal Reserve interest rate cuts.
The technology sector faced the most significant losses on the last trading day. Tesla fell 3.26%, affected by a recall of 700,000 vehicles. Nvidia dropped 2.33%, and Alphabet declined 1.02%. The consumer discretionary and communication services sectors also saw notable decreases.
President-elect Donald Trump's promises of deregulation and tax cuts boosted market optimism. However, the Federal Reserve's indication of more gradual interest rate cuts tempered enthusiasm. This led to a significant rise in Treasury yields, limiting stock market gains.
The 10-year Treasury Note yield closed at 4.576%, up from 4.543% in the previous close and 3.94% a year ago. The DXY index, measuring the dollar against a basket of currencies, rose 0.30% to 108.46 points. Over the year, the DXY advanced 7%.
Investors now look to 2025 with cautious optimism. They weigh the potential for continued economic growth against geopolitical uncertainties and monetary policy shifts. The market's resilience in 2024 sets a positive tone for the coming year, despite ongoing challenges.
Wall Street Ends 2024 with Losses but Achieves Significant Annual Gains
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