{"id":11637,"date":"2023-12-22T20:59:57","date_gmt":"2023-12-22T20:59:57","guid":{"rendered":"https:\/\/lendingsensibly.com\/markets\/dow-jones-ends-475-points-lower-after-9-day-winning-streak\/"},"modified":"2023-12-22T20:59:58","modified_gmt":"2023-12-22T20:59:58","slug":"dow-jones-ends-475-points-lower-after-9-day-winning-streak","status":"publish","type":"post","link":"https:\/\/lendingsensibly.com\/?p=11637","title":{"rendered":"Dow Jones ends 475 points lower after 9-day winning streak"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002830960\" role=\"document\">\n<p>U.S. stocks ended sharply lower after a strong year-end rally lost momentum on Wednesday, putting an end to a string of record finishes for the Dow Jones Industrial Average and a pause on the S&amp;P 500\u2019s push toward an all-time closing high.<\/p>\n<h2>How stock indexes traded<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       ended down by 475.92 points, or 1.3%, at 37,082. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       closed lower by 70.02 points, or 1.5%, at 4,698.35.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       finished down by 225.28 points, or 1.5%, at 14,777.94.<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow Jones booked a fifth straight record close out of a total of nine consecutive days of gains, while the S&amp;P 500 closed at its highest level since Jan. 4, 2022. The Nasdaq, like the Dow Jones, also scored a ninth straight session of advances.<\/p>\n<div class=\"paywall\">\n<h2>What drove markets<\/h2>\n<p>The Dow Jones and Nasdaq Composite were on the way toward a 10th straight day of gains on Wednesday, until the rally was interrupted during the New York afternoon by \u201ca bit of a pause\u201d in reaction to overbought market conditions, according to Peter Cardillo, chief market strategist for Spartan Capital Securities in New York. <\/p>\n<p>Investors also seemed hesitant to react to the drop in Treasury yields, Cardillo said via phone, adding that he expects Wednesday\u2019s pause to be followed by a resumption of the rally.<\/p>\n<p>The large-cap benchmark S&amp;P 500 has jumped 22.4% this year, putting it within sight of its all-time closing high of 4,796.56, recorded on Jan. 3, 2022.<\/p>\n<p>With stocks on a tear since the end of October amid what\u2019s been described as an \u201ceverything rally,\u201d Eric Sterner, chief investment officer at Apollon Wealth Management, said the market took \u201ca bit of a breather\u201d on Wednesday. Apollon Wealth Management, based in Mount Pleasant, S.C., manages about $7 billion in assets.<\/p>\n<p>\u201cThe tailwinds, so to speak, include the Fed\u2019s more dovish pivot that caught the market off guard,\u201d Sterner said via phone. <\/p>\n<p>\u201cAnd on the other side, some of the headwinds are that the markets have been on an incredible run and have pushed valuations very high, historically speaking,\u201d he said. \u201cWe can debate whether there\u2019s going to be a hard or soft landing, but we can all agree that the economy is slowing down and consumer spending is expected to slightly decrease in coming quarters.\u201d<\/p>\n<p>Seasonally speaking, optimism about a festive bounce around this time of year has a tendency to underpin stocks. The \u201cSanta Claus rally\u201d period stretches from the last five trading days of the year through the first two trading days of the new year, according to the\u00a0Stock Trader\u2019s Almanac.<\/p>\n<p>Since 1950, the S&amp;P 500 has averaged a gain of 1.32% over that period and has closed higher 78.1% of the time, according to Dow Jones Market Data.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<p>          <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>In U.S. economic data, existing-home sales rose 0.8% in November to 3.82 million, the National Association of Realtors said on Wednesday. Sales of previously owned homes unexpectedly inched up last month, snapping a five-month slump as\u00a0easing mortgage rates\u00a0encouraged some prospective home buyers.<\/p>\n<p>Meanwhile, the U.S. consumer-confidence index rose to a five-month high of 110 in December, up from a downwardly revised 101 in the previous month, the Conference Board\u00a0said Wednesday.<\/p>\n<p>A revision of the third-quarter GDP print is expected Thursday morning, followed by Friday\u2019s personal-consumption expenditures inflation report, which is the Fed\u2019s preferred inflation gauge. <\/p>\n<p><strong>Read: <\/strong>Sticky inflation in a key part of the U.S. economy is the biggest barrier to Fed rate cuts<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of\u00a0<strong>FedEx Corp.<\/strong><br \/>\n        FDX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203047719\/composite\" class=\"positive\">+0.27%<\/bg-quote><br \/>\n       finished down by 12% after the package-delivery giant\u00a0trimmed its full-year sales forecast\u00a0amid continued concerns about subdued shipping demand through the peak holiday season.<\/p>\n<\/li>\n<li>\n      Shares of\u00a0<strong>Tesla Inc.<\/strong>\u00a0<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"negative\">-0.76%<\/bg-quote><br \/>\n      \u00a0ended 3.9% lower amid reports that the automaker has decided to cut out\u00a0merit-based grants\u00a0from employee-compensation packages.<\/p>\n<\/li>\n<li>\n      Class A shares of\u00a0<strong>Alphabet Inc.<\/strong>\u00a0<br \/>\n        GOOGL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202490156\/lastsale\" class=\"positive\">+0.77%<\/bg-quote><br \/>\n      \u00a0closed up by 1.2% following\u00a0a Reuters report\u00a0that said its Google unit plans to reorganize a large part of its advertising-sales unit.<\/p>\n<\/li>\n<li>\n      Shares of\u00a0<strong>General Mills Inc.<\/strong><br \/>\n        GIS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206659526\/composite\" class=\"positive\">+0.45%<\/bg-quote><br \/>\n       ended down by 3.6% after the consumer-foods company missed fiscal second-quarter\u00a0revenue expectations\u00a0and lowered its full-year outlook as consumers continue \u201cstronger-than-expected value-seeking behaviors.\u201d\u00a0<\/p>\n<\/li>\n<\/ul>\n<p><strong>See:\u00a0<\/strong>The year that wasn\u2019t: 10 Wall Street forecasts for 2023 that didn\u2019t pan out<\/p>\n<p><em>Jamie Chisholm contributed.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-dip-with-fresh-record-in-sight-9225094c?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks ended sharply lower after a strong year-end rally lost momentum on Wednesday, putting an end to a string of record finishes for the Dow Jones Industrial Average and a pause on the S&amp;P 500\u2019s push toward an all-time closing high. How stock indexes traded The Dow Jones Industrial Average DJIA ended down by 475.92 points, or 1.3%, at 37,082. The S&amp;P 500 SPX closed lower by 70.02 points, or 1.5%, at 4,698.35. The Nasdaq Composite COMP finished down by 225.28 points, or 1.5%, at 14,777.94. On Tuesday, the Dow Jones booked a fifth straight record close out of<\/p>\n","protected":false},"author":1,"featured_media":11638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-11637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones ends 475 points lower after 9-day winning streak | LendingSensibly<\/title>\n<meta name=\"description\" content=\"U.S. stocks ended sharply lower after a strong year-end rally lost momentum on Wednesday, putting an end to a string of record finishes for the Dow Jones\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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