The U.S. stock market closed 2024 on a high note, even though it stumbled slightly on the year’s final trading day. Here’s a breakdown of the highlights:
Performance Overview

S&P 500: Dropped 0.4% on Tuesday but closed the year with a remarkable 23% annual gain.
NASDAQ Composite: Fell 0.9% on the last day, though it led the year with a 28.6% gain, primarily driven by the AI boom.
Dow Jones Industrial Average: Declined 0.1%, ending the year with a 12.9% increase, showcasing stability compared to tech-heavy indexes.

Key Stocks in Focus

Tesla (NASDAQ:TSLA): Despite positive news of its Shanghai energy storage gigafactory entering trial production, Tesla shares dropped 3.2% amid broader market softness.
United States Steel Corp (USSX34): Shares surged 9%, fueled by Nippon Steel’s $14.9 billion acquisition offer, which included a pledge to protect U.S. production capacity.
Boeing (NYSE:BA): Closed marginally lower following a tragic air accident in South Korea.

Economic Data on the Horizon
Investors await key economic updates, including:

The ISM Manufacturing Activity Report for December.
Weekly jobless claims data.
The following week’s employment report, providing insights into labor market conditions.

Big Picture for 2024
Fueled by AI advancements and moderating interest rate hikes, U.S. equities logged a stellar year. However, the rally fizzled in December amid profit-taking and concerns over economic headwinds, including geopolitical uncertainty and Federal Reserve policy adjustments.
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