Stocks fell on Wall Street Monday as a strong year for the market looks set to end on a sour note.
- The S&P 500 fell 63.90 points, or 1.1%, to 5,906.94 . On the second-to-last day of 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%.
- The Dow Jones Industrial Average fell 418.48 points, or 1%, to 42,573.73.
- The Nasdaq composite fell 235.25 points, or 1.2%, to 19,486.78.
Big Tech companies were among the heaviest weights on the market, worsening the slump, the
AP reports. Apple and Microsoft both fell 1.3%.
Boeing fell 2.3% after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country. The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft, and a plunging stock price. Its shares have declined more than 30% this year. Airlines that fly Boeing jets wavered in the wake of the crash. United Airlines fell 1.5% and Delta Air Lines slipped 0.9%.
The price of US crude oil rose 0.6% and natural gas prices jumped 12%. Energy stocks held up better than the rest of the market. The sector rose 0.2%, making it the only sector gaining ground within the S&P 500 index. Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday. Markets will be closed on Wednesday. On Thursday, investors will get an updated snapshot of US construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.
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