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U.S. STOCKS EKE OUT WEEKLY GAINS AFTER FRIDAY TUMBLE
U.S. stocks closed out the week with slight gains, as a tumble on Friday put a damper on an otherwise sold week, with each of the three major indexes suffering their biggest daily percentage drops since the Federal Reserve's policy statement on Dec. 18.
"This is end of year stuff going on. People have had a pretty good year, and it’s typical year-end selling pressure caused by people taking profits, not a lot of buyers out there and not a lot of volume," said Peter Tuz, president at Chase Investment Counsel in Charlottesville, Virginia.
"(There’s) no reason to jump in and buy these things at these valuations, and tax planning is on peoples' minds this week and will be on Monday and Tuesday."
S&P 500 stocks that have been the best performers this year such as Palantir PLTR.O, Vista Corp VST.N and Nvidia NVDA.O were lower on the session. Of the top 45 performing stocks in the benchmark S&P index this year, all were lower on the session.
With the broad selling, each of the 11 major sectors ended down, led by a decline of 1.9% in consumer discretionary .SPLRCD, and a 1.5% drop in tech .SPLRCT.
For the week, the Dow .DJI gained 0.35%, the S&P 500 index .SPX advanced 0.7% and the Nasdaq Composite .IXIC rose 0.75%.
Below is your closing market snapshot:
(Chuck Mikolajczak/Stephen Culp)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
MEDICAL COST PRESSURES TO FOLLOW U.S. HEALTH INSURERS INTO 2025, FITCH SAYS - CLICK HERE
INDIVIDUAL INVESTOR BULLS AND BEARS CONVERGING - AAII - CLICK HERE
WEAK START TO END THE WEEK - CLICK HERE
NASDAQ COMPOSITE: TAPPING THE THERMOSTAT? - CLICK HERE
THE DOLLAR CAN HOLD ITS GROUND UNTIL SUMMER 2025 - SG - CLICK HERE
NEW YEAR, NEW EURO LOW? - CLICK HERE
CHINA TAKING "WHATEVER IS NECESSARY" APPROACH - CLICK HERE
STOXX 600 INCHES UP IN HOLIDAY THINNED TRADING, DELIVERY HERO FALLS - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES TICK UP AT END OF HOLIDAY-DISRUPTED WEEK - CLICK HERE