(Reuters) – Technology and growth stocks dragged Wall Street's main indexes lower on Friday, at the end of an eventful week shortened by a holiday fueled by expectations around a traditionally strong period for markets.
The Dow Jones Industrial Average fell 0.82%, the S&P 500 was down 1.24% and the Nasdaq Composite briefly fell more than 2% and was down 1.80%.
Ten of the 11 major S&P sectors, including information technology and consumer discretionary, fell the most, down about 2% and 1.9%, after powering most of the broader market's gains in 2024.
COMMENTS:
PETER TUZ, PRESIDENT, CHASE INVESTMENT COUNSEL, CHARLOTTESVILLE, VIRGINIA
“This is year-end stuff going on people have had a pretty good year, and it's normal year-end selling pressure caused by people taking profits, not a lot of buyers out there and not a lot of volume.”
“(There's) no reason to jump in and buy these things at these valuations, and tax planning is on people's minds this week and will be on Monday and Tuesday. I don't attribute it to, you know, any changing prospects in anything right now.”
“The Santa Claus rally is one of those historical statistics that you have to watch, but because of the change in administration and the possible change in policy you're probably seeing more action now than you would have otherwise. practice There is potential for a lot of disruption in 2025.”
BRYCE DOTY, SENIOR PORTFOLIO MANAGER, FIXED INCOME ADVISORS, MINNEAPOLIS
“Today the market has been reacting to the implications of taxes coming up. The tax situation is overwhelming the other factors. But the more the Fed looks out of touch (with economic realities), the worse it's for equity…tax trading continues for the rest of the year.”
(Compiled by the Global Finance & Markets Breaking News team)