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Wall Street closed higher on Monday due to strong performance by several “Magnificent Seven” stocks. The Dow, the S&P 500 and the Nasdaq all ended the day in positive territory. The markets will be closed tomorrow for Christmas Day.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.2% or 66.69 points to close at 42,906.95. Within the 30-stock index, 16 components ended in positive territory, while 14 ended in negative.
The tech-heavy Nasdaq Composite advanced 192.29 points or 1% to 19,764.89.
The S&P 500 gained 0.7%, or 43.22 points, to end at 5,974.07. Four of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Health Care Select Sector SPDR (XLV) and the Consumer Discretionary Sector SPDR (XLY) rose 0.9%, 0.5% and 0.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 8.6% to 16.78. A total of 12.76 billion shares were traded on Monday, lower than the last 20-session average of 14.89 billion.
"Magnificent Seven" Lead Gains Amid Fed Rate Outlook
Tech stocks surged as investors focused on the Federal Reserve’s interest rate outlook for 2025, with indications that rates may remain elevated for an extended period. The most significant gainers were NVIDIA Corporation (NVDA - Free Report) , which rose by 3.7%, and Tesla, Inc. (TSLA - Free Report) , which increased by 2.3%. Meta Platforms, Inc. (META - Free Report) surged by 2.5%, while Alphabet Inc. (GOOG - Free Report) got a boost of about 1.6%. Amazon (AMZN - Free Report) and Apple (AAPL - Free Report) had a modest increase, while Microsoft (MSFT - Free Report) fell by 0.3%.
However, market participants are still worried about the Fed’s future policies despite the strong tech gains. According to the CME FedWatch tool shows that there is a 91.4% likelihood of the Fed keeping the rates unchanged at its meeting scheduled for January, which has created a level of uncertainty regarding the economic condition.
Per a report by the Conference Board, consumer confidence for December came in at 104.7, significantly lower than the consensus of 113. The number for November was revised up to 112.8 from the previously reported 111.7.
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Stock Market News for Dec 24, 2024
Market News
Wall Street closed higher on Monday due to strong performance by several “Magnificent Seven” stocks. The Dow, the S&P 500 and the Nasdaq all ended the day in positive territory. The markets will be closed tomorrow for Christmas Day.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.2% or 66.69 points to close at 42,906.95. Within the 30-stock index, 16 components ended in positive territory, while 14 ended in negative.
The tech-heavy Nasdaq Composite advanced 192.29 points or 1% to 19,764.89.
The S&P 500 gained 0.7%, or 43.22 points, to end at 5,974.07. Four of the 11 broad sectors of the benchmark index closed in the green. The Technology Select Sector SPDR (XLK), the Health Care Select Sector SPDR (XLV) and the Consumer Discretionary Sector SPDR (XLY) rose 0.9%, 0.5% and 0.1%, respectively.
The fear-gauge CBOE Volatility Index (VIX) decreased 8.6% to 16.78. A total of 12.76 billion shares were traded on Monday, lower than the last 20-session average of 14.89 billion.
"Magnificent Seven" Lead Gains Amid Fed Rate Outlook
Tech stocks surged as investors focused on the Federal Reserve’s interest rate outlook for 2025, with indications that rates may remain elevated for an extended period. The most significant gainers were NVIDIA Corporation (NVDA - Free Report) , which rose by 3.7%, and Tesla, Inc. (TSLA - Free Report) , which increased by 2.3%. Meta Platforms, Inc. (META - Free Report) surged by 2.5%, while Alphabet Inc. (GOOG - Free Report) got a boost of about 1.6%. Amazon (AMZN - Free Report) and Apple (AAPL - Free Report) had a modest increase, while Microsoft (MSFT - Free Report) fell by 0.3%.
However, market participants are still worried about the Fed’s future policies despite the strong tech gains. According to the CME FedWatch tool shows that there is a 91.4% likelihood of the Fed keeping the rates unchanged at its meeting scheduled for January, which has created a level of uncertainty regarding the economic condition.
Consequently, shares of Tesla, Inc. currently carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Consumer Confidence Declined in December
Per a report by the Conference Board, consumer confidence for December came in at 104.7, significantly lower than the consensus of 113. The number for November was revised up to 112.8 from the previously reported 111.7.