Wall St finishes down after sell-off at end of strong holiday-shortened week
By David
French
Fri December 27, 2024 4:37 PM
The so-called Santa Claus rally took an abrupt reversal today with all the indexes heading well south right out the gate and staying there, both the Dow and Nasdaq suffering deep 3-digit losses. The tech stocks of the Magnificent Seven all took big dives between 2 and 5%. But no worries, there is still one more full week left for Santa Claus, not to mention that today’s massive sell-off was attributed to simple profit-taking as investors rebalance their portfolios heading into the new year. (Wouldn’t this rebalancing happen every year just before the 1st?) But despite today, all three indexes ended the week with gains. As is typical for the year-end, volume for the shortened holiday week is below the 6-month average and is expected to remain so all next week too.
DJ: 43,325.80 +28.77 NAS: 20,020.36
-10.77 S&P: 6,037.59
-2.45 12/26
DJ: 42,992.21 -333.59 NAS: 19,722.03 -298.33 S&P: 5,970.84 -66.75 12/27
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