S&P 500 and Nasdaq Composite Extend 20% Plus Rally Second Consecutive Year In 2024

Barry Adams
31 Dec, 2024
New York City

Stock market indexes on Wall Street inched higher on the final trading day of the year as investors remained optimistic about the upcoming year. 

The S&P 500 index inched higher by 0.1%, and the Nasdaq Composite advanced by 0.01% in light trading, and both benchmark indexes are set to close up more than 20% for the second year in a row. 

In December, the S&P 500 index is down 2.3%, and the Nasdaq Composite is up 1.4% as tech and high growth retained upward bias. 

Benchmark indexes gained for the fifth quarter in a row for the first time in three years, and the S&P 500 index advanced 2.5%, and the Nasdaq surged 7.1%. 

Investors are hoping that the new presidential administration will succeed in lowering corporate taxes and in relaxing key financial regulations and that the current economic momentum will continue in 2025.

The S&P 500 index advanced 24.9%, and the Nasdaq Composite jumped 32.1% in 2024.

The strong economic growth and labor market conditions, falling interest rates, enthusiasm surrounding artificial intelligence, and post-election euphoria drove benchmark indexes above 20% for the second consecutive year in 2024. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 5,915.16, the Nasdaq Composite rose 0.04% to 19,475.84, and the Russell 2000 index decreased by 0.8% to 2,227.78. 

The yield on 2-year Treasury notes edged lower to 4.24%, 10-year Treasury notes inched down to 4.52%, and 30-year Treasury bonds increased to 4.73%.

WTI crude oil decreased $0.06 to $70.93 a barrel, and natural gas prices edged down 11 cents to $3.82 a thermal unit.

Gold increased by $1.01 to $2,607.90 an ounce, and silver fell by $0.09 to $28.84. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher by 0.13 to 108.18 and traded at a two-year high. 

 

U.S. Stock Movers 

Crypto stocks linked to bitcoin advanced after the price of the cryptocurrency rose by 2.5% to $95,371.39. 

MicroStrategy jumped 3.3% to $310.75, and Coinbase increased 1.1% to $258.23.