July 19, 2024

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U.S. Stocks Give Back Ground But Still Post Substantial Gains For The Year

2 min read

Following the lackluster performance seen in recent sessions, stocks fluctuated over the course of the trading session on Friday before ending the day mostly lower.

The major averages showed a lack of direction in early trading but slid more firmly into negative territory as the session progressed.

Despite an afternoon recovery attempt, the major averages all finished the day in the red. The Dow edged down 20.56 points or 0.1 percent to 37,689.54, the Nasdaq slid 83.78 points or 0.6 percent at 15,011.35 and the S&P 500 fell 13.52 points or 0.3 percent to 4,769.83.

The major averages still posted substantial gains for the year. The Nasdaq skyrocketed by 43.4 percent, the S&P 500 soared by 24.2 percent and the Dow surged by 13.7 percent.

The lower close on Wall Street may partly have reflected profit taking, as some traders looked to cash in on the recent strength in the markets.

Traders previously seemed hesitant to cash in on the recent gains amid concerns about missing out on further upside but apparently decided the final trading day of the year was the right time to lock in some profits.

Overall trading activity remained relatively subdued, however, with some traders looking to get a head start on New Year’s festivities.

Trading activity may pick back up next week, as the Labor Department is scheduled to release its closely watched monthly jobs report next Friday.

Reports on manufacturing and service sector activity may also attract attention along with the minutes of the latest Federal Reserve meeting.

In U.S. economic news, MNI Indicators released a report showing a substantial downturn by Chicago-area business activity in the month of December.

MNI Indicators said its Chicago business barometer tumbled to 46.9 in December from 55.8 in November, with a reading below 50 indicating contraction. Economists had expected the index to drop to 51.0.

Sector News

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2023-12-29 16:17:35

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