The US stock market closed with modest losses on the final trading day of 2024, capping off a remarkable year of gains
The Nasdaq slid 175.99 points (0.9%) to 19,310.79 and the S&P 500 fell 25.31 points (0.4%) to 5,881.63. The narrower Dow posted a more modest loss, edging down 29.51 points (0.1%) to 42,544.22.Semiconductor and software stocks performed worst, contributing to the decline by the Nasdaq while oil producer stocks moved higher along with the price of crude oil.
Asia-Pacific stocks moved mostly lower with markets in Japan and South Korea closed on the day. China's Shanghai Composite Index tumbled by 1.6%, while Australia's S&P/ASX 200 Index slid by 0.9%. most European stocks moved to the upside, although several major markets were closed. While the French CAC 40 Index advanced by 0.9%, the U.K.'s FTSE 100 Index climbed by 0.6%.
In the bond market, treasuries saw modest weakness following the notable rebound seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.8 bps to 4.57%.
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