Despite closing mostly lower, the stock market finished 2024 with impressive gains, marking its second consecutive year of over 20% growth. The S&P 500 and Nasdaq gained significantly, driven by a booming tech sector and the rise of artificial intelligence companies.
Stock indexes closed mostly lower Tuesday as the market delivered a downbeat finish on the final day of another milestone-shattering year on Wall Street . The S&P 500 gave up an early gain to finish down 0.4%. The benchmark index, which set 57 record highs in 2024, racked up a 23.3% gain for the year. This was its second straight year with a gain of more than 20%. The last time the index had as big a back-to-back annual gain was 1998.
Big Tech stocks led this year’s rally, pushing the Nasdaq to a yearly gain of 28.6%. The Dow, which is far less weighted with tech, rose 12.9% for the year. The stock market’s record-breaking turn in 2024 was “certainly much better that what most people on Wall Street, myself included, thought we would get this year,” said Sam Stovall, chief investment strategist at CFRA.Skyrocketing prices for companies in the artificial-intelligence business, such as Nvidia and Super Micro Computer, helped lift the market to new heights. Solid corporate earnings growth also helped. Wall Street expects companies in the S&P 500 to report broad earnings growth of more than 9% for the year, according to FactSet. The final figures will be tallied following fourth-quarter reports that start in a few weeks. A street sign is seen in front of the New York Stock Exchange the New York Stock Exchange, Tuesday, Feb. 27, 2024, in New York. (AP Photo/Frank Franklin II)Another boost for the market: The economy avoided a recession that many on Wall Street worried was inevitable after the Federal Reserve hiked its main interest rate to a two-decade high in hopes of slowing the economy to beat high inflation. Receding inflation, which has gotten closer to the Fed’s 2% target, helped energize Wall Street, raising hopes that the central bank would deliver multiple interest rate cuts into next year, which would ease borrowing costs and fuel more economic growt
STOCK MARKET WALL STREET NASDAQ S&P 500 ECONOMIC GROWTH INFLATION RECESSION ARTIFICIAL INTELLIGENCE
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