2024 Closes Out with Mixed Feelings, though Stocks Were Broadly Higher; Happy New Year

Quite a few Wall Street traders must have found their way onto Santa's naughty list, because stocks have been going in the wrong direction for the better part of December.

While the Dow peaked on the 4th, the S&P did the same on the sixth, and the NASDAQ topped out on the 16th, they've all been lower since making those all-time highs. Tech lovers in NASDAQ stocks probably aren't too concerned. Despite the loss of 687 points over the past nine sessions, the gains for the rest of the year prior to December were outstanding. The NASDAQ should finish with an overall gain of more than 30% for 2024, the S&P putting in profits of nearly 25% and the Dow lagging behind with a 12-14% rise, which, given market conditions, isn't all that bad.

The situation on the Dow may be a bit more concerning. The 30 industrials are down 2,209 points, and are headed toward the December 18 lows, as are both the S&P and NASDAQ. The selling is probably little more than profit-taking, though the pattern suggests January may not be a period in which investors stake out new positions earnestly. With geo-politics in a state of uproar and the Biden-to-Trump transition certain to offer some surprises, a wait-and-see approach could be the operative position, at least until the 20th.

As marketeers bid a fond farewell to 2024, the final day of trading finds all equity futures higher, getting a sizable boost at the European open, seeking to put a positive spin on the year's end.

The price of crude oil, as measured by WTI, will close out the year roughly where it began, right around $70 a barrel, which appears to be the happy place for producers and a reasonable level for consumers.

Precious metals have been whacked hard the last two months, silver especially, having lost nearly half its gains year-to-date since the end of October, though still up 22% on the year. Gold, which hit $2,800 on October 31, has shrunk by nearly $200 since then, currently holding around $2,625, with a year-to-date gain above 26%.

Given the late season take-down in PMs, they look like solid investments moving into 2025. Both should regain their prior highs and then some in the coming year.

The NYSE and NASDAQ will both close at the regular 4:00 pm ET today. Bond markets close early, at 2:00 pm ET.

Money Daily will have a recap of today's trading and full-year final figures on Thursday, January 2nd.

Happy New Year!

At the Close, Monday, December 30, 2024:
Dow: 42,573.73, -418.48 (-0.97%)
NASDAQ: 19,486.79, -235.25 (-1.19%)
S&P 500: 5,906.94, -63.90 (-1.07%)
NYSE Composite: 19,077.93, -160.55 (-0.83%)