Wall Street ends sharply lower on penultimate trading day of a strong 2024
Wall Street closed in negative territory on Monday in light volume at the top of a holiday-shortened week in the second-to-last trading session of an eventful year in which all three indexes posted strong double-digit gains.
End-of-year tax positioning, valuations, climbing Treasury yields and uncertainties about 2025 all contributed to the risk-off sentiment. The three major U.S. stock indexes bounced off early lows but still were down more than 0.5%.
The broad selloff dragged all 11 major S&P 500 sectors into negative territory on the day.
«Investors are saying the S&P, even after this recent sell off, is up over 50% in the last two years,» said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. «Maybe we should take some chips off the table and protect those gains. And when you have thin volume, it doesn't take a lot (to move markets).»
Despite recent weakness, 2024 has been a banner year for U.S. equities. The Nasdaq is on track for about a 30% annual gain and the S&P 500 is headed for more than a 24% rise for 2024. The Dow remains up just over 13% from the last closing levels of 2023.
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