Wall Street stocks rose early Tuesday as investors sought to end 2024 on a positive note after a robust year helped by tech stocks, interest rate cuts and economic resilience.
The Dow Jones Industrial Average climbed 0.3 percent to 42,703.33, while the broad-based S&P 500 Index gained 0.2 percent to 5,919.77.
The tech-heavy Nasdaq Composite Index was nearly flat at 19,495.24.
“The market rallied nicely in 2024. It was a very strong year,” said Adam Sarhan of 50 Park Investments.
He added that key factors included semiconductor and artificial intelligence stocks.
Enthusiasm surrounding AI also helped the “Magnificent Seven” US tech heavyweights, which include Apple and Nvidia.
Markets were helped as the Federal Reserve began cutting interest rates for the first time after the Covid-19 pandemic, fueling hopes of a boost to the economy.
But looking ahead, concerns about the pace of US rate cuts and uncertainty over President-elect Donald Trump’s trade and tariff agenda could cloud the outlook.
“The market is looking forward to some pro-growth policies from Trump,” Sarhan said.
“If Trump’s not able to deliver, or if the pro-growth policies are weaker than expected, then you can see a pullback unfold,” he added.
For now, the S&P 500 has gained more than 23 percent this year, the Dow has risen around 13 percent and the Nasdaq has advanced about 30 percent for the year.
