STORY: Stocks closed down Monday on the second-to-last trading day of 2024 – a year in which all three major indexes posted strong double-digit gains.
The Dow finished about 1 percent lower while the S&P 500 and Nasdaq did slightly worse.
The Nasdaq though is on track for about a 30% annual gain, while the S&P is headed for a 24% rise over the past 12 months, and the Dow is up 13% in that time.
Abound Financial Chief Investment Officer David Laut attributes today’s action to typical end of the year activity along with a deterioration in stocks that began a few weeks ago.
“You’re going to get some rotation happening this time of year. People just automatically selling the winners and buying the losers as they rebalance. So you see some of those tech companies kind of large cap growth in general selling off a bit. Seeing even last week’s small cap actually do a little bit better on some of those days. Overall, I don’t think that there’s a ton to see there. Yes, we’re used to seeing green this time of year, but ultimately, I think we’re losing a little bit of momentum going into 2025 and that’s what you’re seeing take place.”
:: December 30, 2024
Stocks on the move included Boeing which fell two percent after South Korea’s acting president ordered an emergency safety inspection of its entire airline operation following the crash of a Boeing jet in the country’s deadliest air accident in its history.
:: American Airlines
And American Airlines added one and a half percent after broker Raymond James upgraded its rating on the shares to outperform from market perform citing an improved revenue outlook at the carrier.
