Unprecedented Nine-Day Dow Decline Leads to Stock Market Dip
On Tuesday, December 17, U.S. stock markets ended the day on a low note. The Dow Jones Industrial Average marked its ninth consecutive day of losses, a streak not seen since the 1970s. The Dow plunged by 266.93 points (0.6%), closing at 43,450.55. Concurrently, the S&P 500 and the Nasdaq fell by 0.4% and 0.3% respectively.
Investors showed caution as they awaited the outcome of the Federal Reserve’s final policy meeting for 2024. A 0.25 percentage point rate cut is widely anticipated. However, the robust consumer spending data released on Tuesday has added a layer of uncertainty regarding the Fed’s future policy direction.
Among the individual stocks, Broadcom saw a decline of 3.9%, while Moderna fell by 2.6%. Ten out of the eleven S&P 500 sectors ended the day in the red, with industrials, communications, and energy leading the downturn. Despite the recent market pullback, analysts maintain a relatively optimistic stance on the overall economic outlook.
For more detailed information, visit the original article on Nasdaq: Stock Market News Dec 18, 2024.