Wall Street ends higher on gains by most megacaps

Wall Street ends higher on gains by most megacaps

By David French

Mon December 23, 2024 4:40 PM

The day started in the red for all the indexes, only slightly for tech but deeply for the Dow which was down some 300 points this morning. But tech recovered to spend most of the day in the black, the Dow taking most of the day to reach that goal but also closing in the black. We’ve now seen our third straight day of corrections after last Wednesday’s severe sell off, corrections prompted mostly by major gains in the Magnificent Seven, all closing higher and with Meta, Nvidia and Tesla all gaining between 2 and 4%.  

After a solid November, December has taken a beating, especially with last week’s huge disappointment that the Fed will likely be slowing down the rate cuts next year due to inflation heating up more than forecast. Investors are still expecting the traditional “Santa Claus rally” which, since 1969, has seen the S&P gain an average of 1.3% in the last week of the year. As many traders have taken off for the holiday, volume is traditionally holiday-light coming in at 12.7 billion vs the 14.9 billion average. 

DJ: 42,840.26  +498.02      NAS: 19,572.60  +199.83     S&P: 5,930.85  +63.77        12/20

DJ: 42,906.95  +66.69        NAS: 19,764.89  +192.29     S&P: 5,974.07  +43.22        12/23

Mon 12-23-24 4:40 pm Wall Street ends higher on gains by most megacaps | Reuters