Wall Street ends sharply lower on penultimate trading day of a strong 2024
By Stephen
Culp
Mon December 30, 2024 7:17 PM
In the thin volume that is customary in the final week of the year, a little bit of trading can make a big impact and the big sell off that happened today once again demonstrated that the Santa Claus rally was AWOL with all three indexes notching big losses, the Dow and Nasdaq into serious 3-digit red territory. The good news is that they all started out much worse in the morning, the Dow down over 700 points by 10:30, and then recovered substantially by close. The impact was due to year-end tax positioning as well as worries about what’s coming in 2025, both nationally and globally.
Still, 2024 was a banner year with the Nasdaq up 30%, the S&P 24% and the Dow 13%. The S&P, in fact, is up 50% for the past two years. 2025 is expected to be quite rocky, particularly in Q1, but still have gains though not as much as this year, predicted to be mid-single digits. Tech, communications and consumer discretionary all did very well, all with gains 30% or more. Volume came in at 14.48 billion vs the 14.75 billion average (doesn’t look light to me!)
DJ: 42,992.21 -333.59 NAS: 19,722.03
-298.33 S&P: 5,970.84
-66.75 12/27
DJ: 42,573.73 -418.48 NAS: 19,486.79 -235.25 S&P: 5,906.94 -63.90 12/30
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