US stocks slip on 2024’s final trading day, capping a robust year
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Traders on the floor of the New York Stock Exchange on Dec 31. Markets closed lower for a few consecutive days ahead of the year-end.
PHOTO: AFP
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NEW YORK – Wall Street stocks slipped on Dec 31 to end 2024 on a gloomy note, but investors capped a strong overall year that was boosted by tech stocks, interest rate cuts and a robust US economy.
The Dow Jones Industrial Average lost 0.1 per cent to 42,544.22, while the broad-based S&P 500 Index declined 0.4 per cent to 5,881.63.
The tech-focused Nasdaq Composite Index fell 0.9 per cent to 19,310.79.
“It was kind of a disappointing end to the year,” said Mr Steve Sosnick of Interactive Brokers, noting that markets had closed lower for a few consecutive days.
He believed the selling in recent days involved “some large portfolios reallocating money from stocks”.
But the year was “phenomenal” overall, he said, noting that major indexes moved higher and major tech stocks dominated.
The Dow was up around 13 per cent from a year ago while the S&P 500 added more than 23 per cent and the Nasdaq gained nearly 29 per cent.
Key factors included semiconductor and artificial intelligence (AI) stocks, with enthusiasm around AI helping the “Magnificent Seven” US tech heavyweights – which include Apple and Nvidia.
Concerns about the pace of US interest rate cuts and uncertainty over US President-elect Donald Trump’s trade and tariff agenda could cloud the outlook, however.
Still, Mr Sosnick believed “there’s a lot of optimism” about the year ahead. AFP
