Dow Jones Index, New York Stock Exchange Closed slightly negative on Friday (29 Dec. ’23), which was the last trading day of 2023, as investors sold stocks to make a profit. After the market rose strongly at the end of the year, it responded to expectations that interest rates would be cut next year.
The Dow Jones Industrial Average closed at 37,689.54 points, down 20.56 points or -0.05%, the S&P 500 index closed at 4,769.83 points, down 13.52 points or -0.28%, and the Nasdaq index closed at 15,011.35 points, down 83.78 points or -0.56%.
The U.S. stock market rallied sharply in the final months of this year, causing all three stock indexes to gain on a monthly, quarterly and yearly basis.
However, the market dropped on Friday, the last trading day of the year. This is because there is strong selling power and adjustments to investment status before the start of the new year.
All 3 stock indexes have risen for 9 weeks in a row. This is the longest run for the S&P500 index since January. 2004 and the longest for the Dow and Nasdaq since the beginning of 2019.
However, the S&P 500 index still closed about 1% below its record closing level of 4,796.56 on January 3, 2022.
The US stock market soared at the end of the year. After the US Federal Reserve (Fed) signaled that it will cut interest rates next year. After rising interest rates brought inflation down to the Fed’s 2% target, among the 11 S&P 500 stocks, real estate lost the biggest percentage point. while the consumer products group And the healthcare group is only 2 groups that have improved.
This year, stocks in the technology group, communication services group and the luxury product group made outstanding adjustments Meanwhile, utilities, energy and consumer products groups decreased.
As for individual stock movements, Uber Technology shares fell 2.5% and Elevator shares fell 3.5% after it was reported that Nomura has lowered its investment recommendation on both stocks. The US stock market will be closed on Monday, January 1, for New Year’s Day.
2023-12-30 02:29:16
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