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    Home - World News - Stock market news for Dec. 20, 2024
    World News

    Stock market news for Dec. 20, 2024

    By Parker Jospeh3 Mins Read
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    Stock market news for Dec. 20, 2024

    Traders work on the floor at the New York Stock Exchange on Dec. 2, 2024.

    Brendan Mcdermid | Reuters

    The Dow Jones Industrial Average bounced on Friday to close out a tough week that saw the index plunge 1,100 points in a single day and complete its longest losing streak since the 1970s. Some cooler-than-expected inflation data helped fuel the session’s rebound.

    The 30-stock Dow gained 498.02 points, or 1.18%, to 42,840.26. The S&P 500 added 1.09% to end at 5,930.85, while the Nasdaq Composite advanced 1.03% and closed at 19,572.60.

    November’s reading of the personal consumption expenditures price index — the Federal Reserve’s preferred inflation metric — increased 2.4% year over year. That was a tad less than economists expected and helped defuse some of the bearishness that arose earlier this week when the Fed said it would dial back future rate cuts in part because of stubborn inflation.

    All 11 sectors of the S&P 500 ended the day higher, with real estate and information technology among the biggest gainers. Just 53 stocks in the broad market index closed lower on Friday.

    Stock Chart IconStock chart icon

    The 30-stock Dow is on track for a roughly 2% decline on the week.

    Chicago Fed President Austan Goolsbee told CNBC’s Steve Liesman he was encouraged by Friday’s inflation figures and that rates could still decline next year despite the central bank’s cautious stance.

    “We’re still on path to get to 2% and at least for this new month you don’t want to make too much out of any one month, but I’m hopeful that this suggests that the couple of months of firming were more of a bump than a change in path,” Goolsbee said. Major indexes jumped intraday following his comments.

    It was a positive end to a tumultuous week. During Thursday’s trading session, the Dow eked out a 15-point gain and ended a 10-day losing streak, its longest since 1974. The small gain came a day after the Dow plunged 1,100 points on Wednesday. The Fed’s indication of just two cuts next year, instead of the four it originally forecast, was the catalyst for the decline.

    “Today has calmed people down,” said Tom Fitzpatrick, managing director at R.J. O’Brien and Associates.

    “[It’s] unlikely we get a downside catalyst now ahead of Christmas and New Year’s, so [the] moves of the last few days can get unwound a bit.”

    Even as the major averages jumped on Friday, all three booked losses on the week. The Dow lost nearly 2.3%, notching its third straight losing week. The S&P 500 fell almost 2% week to date, while the Nasdaq Composite was off by about 1.8%.

    Elsewhere, a Trump-endorsed House Republican measure to fund the government for three months and avert a government shutdown failed on Thursday. Without a deal, a partial shutdown is slated to start late Friday night.

    – CNBC’s Sarah Min and Christina Wilkie contributed to this report.

    Stock market news for Dec. 20, 2024

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    Joseph Parker is a journalist based in United States. He as well the US breaking US news team reports on political news and cultural developments including extremism, disinformation, tech and Federal news.

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