U.S. stocks drifted back into negative territory on Wednesday as a strong year-end rally lost some momentum after a string of record finishes for the Dow Jones Industrial Average and a push by the S&P 500 toward an all-time high.How stock indexes are trading
The Dow Jones Industrial Average
DJIA
was off 51 points, or 0.1%, at 37,507.
The S&P 500
SPX
was down 16 points, or 0.3%, at 4,752.
The Nasdaq Composite
COMP
ticked down 45 points, or 0.3%, to 14,958.
On Tuesday, the Dow Jones booked a fifth straight record close, while the S&P 500 closed at its highest level since Jan. 4, 2022. In addition, the Nasdaq and Dow Jones each scored their ninth consecutive day of gains.
What’s driving markets With stocks on a tear since the end of October amid what’s been described as an “everything rally,” Eric Sterner, chief investment officer at Apollon Wealth Management, said that “valuations are once again a bit stretched, so the market is taking a bit of a breather” on Wednesday. Apollon Wealth Management, based in Mount Pleasant, S.C., manages about $7 billion in assets. “The tailwinds, so to speak, include the Fed’s more dovish pivot that caught the market off guard,” Sterner said via phone on Wednesday. “And 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,,” he said. “We can debate whether there’s 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.” The large-cap benchmark S&P 500 has jumped 24.2% this year, putting it within sight of its all-time closing high of 4796.56, which was recorded on Jan. 3, 2022. The rally has been p …
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The Dow Jones Industrial Average
DJIA
was off 51 points, or 0.1%, at 37,507.
The S&P 500
SPX
was down 16 points, or 0.3%, at 4,752.
The Nasdaq Composite
COMP
ticked down 45 points, or 0.3%, to 14,958.
On Tuesday, the Dow Jones booked a fifth straight record close, while the S&P 500 closed at its highest level since Jan. 4, 2022. In addition, the Nasdaq and Dow Jones each scored their ninth consecutive day of gains.
What’s driving markets With stocks on a tear since the end of October amid what’s been described as an “everything rally,” Eric Sterner, chief investment officer at Apollon Wealth Management, said that “valuations are once again a bit stretched, so the market is taking a bit of a breather” on Wednesday. Apollon Wealth Management, based in Mount Pleasant, S.C., manages about $7 billion in assets. “The tailwinds, so to speak, include the Fed’s more dovish pivot that caught the market off guard,” Sterner said via phone on Wednesday. “And 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,,” he said. “We can debate whether there’s 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.” The large-cap benchmark S&P 500 has jumped 24.2% this year, putting it within sight of its all-time closing high of 4796.56, which was recorded on Jan. 3, 2022. The rally has been p …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]