Market Recap (12/29/24)
Market Recap of the Week of Dec 23, 2024 - Dec 27, 2024
Source: Apple Stocks Application
Overall Market Trends:
Stocks rebounded last week amidst a shortened week due to the holidays. The New York Stock Exchange Composite (NYSE) rose 117 points (+0.61%), the S&P 500 increased 58 points (+0.64%), the NASDAQ Composite advanced 138 points (+0.70%), and the Dow Jones Industrial Average climbed 138 points (+0.32%).
Stocks rose on Monday despite thin trading. Meta and Tesla both rose roughly 2% while Nvidia rose 3%. Stocks fell early on during the trading day due to a weak consumer confidence report but rose as the day progressed. The latter half of December has generally been a strong period of the year for stocks.
Markets continued to soar on Tuesday as tech stocks continued to lift the stock market. Trading closed early on Tuesday at 1 pm EST ahead of New Year's Eve with markets staying closed on Wednesday for Christmas Day.
Stocks nudged higher on Thursday as investors sought a “Santa Claus Rally” in which stocks have historically risen during the last 5 days of December and the first two days in January.
Indices fell greatly on Friday, again led by technology stocks, though the Dow broke its 3-week losing streak.
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Chicago Business Barometer (PMI)
Tuesday: S&P Case-Shiller home price index (20 cities)
Wednesday: Market Closed for New Year's holiday
Thursday: Initial jobless claims
Friday: ISM manufacturing
Future Earnings Reports: