Stocks Plummet as Dow Limps into Year-End
In one of the final trading sessions of 2024, Wall Street took a hit as stocks moved lower, signaling a sour end to what had been a banner year for investors. The Dow Jones Industrial Average lost 418.48 points, closing at 42,573.73. The S&P 500 fell by 1.07% to 5,906.94, and the Nasdaq Composite slid by 1.19% to 19,486.78.
Unease in the Market
Trading was turbulent throughout the day, with the Dow plunging over 700 points at its lowest point. The decline on Monday seemed to lack a clear catalyst, leaving investors puzzled. The SPDR S&P 500 Trust (SPY) saw a total trading volume of around 47 million shares, a relatively low amount for a day marked by significant market declines.
Expert Insights and Market Predictions
Renowned economist Jeremy Siegel expressed his concerns about the market’s future, suggesting a possible correction in the S&P by 10%. Siegel’s cautionary words hinted at a potential pause in the market’s upward trajectory in the coming year. The pullback in tech stocks was also attributed to trading in the bond market, with the 10-year Treasury yield briefly surpassing 4.6% before retracting on Monday.
Looking Ahead
Despite the year-end profit-taking and recent losses in major averages, investors are hopeful for a “Santa Claus rally” to boost stocks in the final days of the year and into January. However, the recent downturn has raised concerns about the market’s momentum and the possibility of further corrections in the new year.
As we navigate through the final days of 2024, the market’s performance remains uncertain, with expert opinions and economic indicators pointing to potential challenges and opportunities on the horizon. Stay tuned as Wall Street braces for a period of volatility and shifts in investor sentiment.
