Wall Street Starts 2024 with Slump, Giving Back Some of Last Year’s Gains
On the first day of 2024, Wall Street experienced a slump, relinquishing a portion of its significant gains from the previous year. The S&P 500 declined by 0.6 percent on Tuesday, while the Dow managed a slight 0.1 percent increase and the Nasdaq composite suffered a 1.6 percent loss. Notably, some of the market’s top-performing stocks from last year saw sharp declines, with Apple recording its worst day in nearly five months.
Anticipating a Pause in the Rally
A pause in the rally that had propelled the S&P 500 to nine consecutive winning weeks and close to its all-time high had been anticipated by many on Wall Street. Treasury yields also experienced a regression after a significant surge.
Market Performance on Tuesday
- The S&P 500 dropped by 27 points, or 0.6 percent, closing at 4,742.83.
- The Dow Jones Industrial Average rose by 25.50 points, or 0.1 percent, reaching 37,715.04.
- The Nasdaq composite fell by 245.41 points, or 1.6 percent, settling at 14,765.94.
- The Russell 2000 index of smaller companies declined by 14.28 points, or 0.7 percent, ending at 2,012.80.
