Nasdaq spikes 30% in 2024, DOW and S&P also record excellent gains

US equities witnessed choppy moves on Tuesday but moved mostly lower over the course of the trading day. The tech-heavy Nasdaq pulled back to its lowest closing level in a month, shedding 175.99 points or 0.9 percent to close at 19,310.79 and the S&P 500 fell 25.31 points or 0.4 percent to 5,881.63. The Dow also fell 29.51 points or 0.1 percent to end at 42,544.22.

However, major averages saw heavy gains for 2024, with the tech-heavy Nasdaq soaring by nearly 30 percent for the year. The Dow also surged by nearly 13 percent for the year, while the S&P 500 posted its second consecutive yearly gain of more than 20 percent, soaring by more than 23 percent.

Semiconductor and software stocks turned in some of the market's worst performances on the day, contributing to the decline by the Nasdaq. Stocks have shown wild swings over the past couple of weeks following the Federal Reserve's forecast for fewer rate cuts in 2025 earlier this month.

Overall trading activity remained somewhat subdued, however, as some traders looked to get a head start on their New Year's Eve celebrations. In overseas trading, stock markets across the Asia-Pacific region moved mostly lower yesterday. Major European stocks gained, although several major markets were closed.

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