Tech Stocks Drive S&P 500 on Monday, Dow Lags Behind
Monday, Dec 16, 2024 4:35 pm ET
4min read U.S. stock indexes experienced mixed trading on Monday, December 16, 2024, with tech stocks leading the S&P 500's performance while the Dow Jones Industrial Average (DJIA) lagged behind. The S&P 500 rose 0.4% to 6,074.08, driven by a 1.2% increase in the tech sector, which pushed the Nasdaq composite to a record high of 20,173.89. Meanwhile, the DJIA slipped 0.3% to 43,717.48.
Tech stocks, particularly Broadcom, contributed significantly to the S&P 500's positive day. Broadcom's artificial-intelligence offerings generated excitement among investors, helping to drive the market. Energy stocks also played a significant role in the overall market performance, with the NYSE Arca Oil Index (XOI) rising 0.42% to 1,968.87. However, precious metals stocks had a negative impact, as the PHLX Gold/Silver Index (XAU) fell 0.79% to 133.93.
The DJIA's performance on Monday was slightly below its average daily change of 0.49% and its average weekly change of 0.77%. The DJIA's daily and weekly movements have been relatively stable, with a standard deviation of 0.74% and 1.16% respectively. Monday's performance was within one standard deviation of the average, indicating a typical day for the DJIA.
As of Monday, the DJIA had risen 6,027.94 points, or 16%, year-to-date. This performance is slightly below its historical average annual growth of around 18%. However, the DJIA's year-to-date performance is still positive, indicating a healthy market despite recent volatility.
In conclusion, Monday's trading session was characterized by mixed performance among major U.S. stock indexes. Tech stocks, particularly Broadcom, contributed significantly to the S&P 500's positive day, while energy stocks also played a significant role. The DJIA's performance was slightly below its average, but its year-to-date performance remains positive. As investors look ahead to the Federal Reserve's meeting later in the week, they will continue to monitor the performance of tech stocks and other sectors for signs of market direction.
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