The U.S. stock market is set to end the holiday-shortened week on a positive note. The Nasdaq Composite has been the biggest winner, gaining 2.3% this week and 4.2% so far in December. The S&P 500 and Dow Jones Industrial Average have also climbed, rising 1.8% and 1.1% respectively.
Hedge funds/large speculators remained net short S&P 500 futures right before Christmas pic.twitter.com/j1Dk5S93fh
— Liz Ann Sonders (@LizAnnSonders) January 2, 2025
In corporate news, Nippon Steel has extended the closing date for its $14.9 billion acquisition of U.S. Steel.
Per the @WSJ, US “stocks on pace for best two years in a quarter of a century.”#markets #stocks #investors #investing pic.twitter.com/UBWG8wlDl5
— Mohamed A. El-Erian (@elerianm) December 31, 2024
President Joe Biden now has 15 days to decide whether to allow the deal to go through, after concerns were raised by the United Steelworkers union and some politicians about foreign ownership of the company. The holiday shopping season has left many Americans with new debt.
Will stock market witness FII outflow of Rs 3 lakh cr again in 2025? Nikunj Dalmia DECODES@nikunjdalmia https://t.co/yYi2xHNvVN
— ET NOW (@ETNOWlive) January 2, 2025
A LendingTree survey found that 36% of Americans incurred an average balance of $1,181 this year, up from $1,028 in 2023. Experts recommend starting early to pay down debt and renegotiating interest rates to manage holiday balances.
U.S. stocks gain amid corporate shifts
Airlines had an eventful year in 2024. From a door panel blowing off a Boeing airplane to Spirit’s bankruptcy filing and the blocking of the JetBlue-Spirit merger, carriers faced numerous challenges. They also fought to position themselves as the most premium airline.
Looking ahead, the worldwide advertising industry is expected to grow 7.7% and top $1 trillion in revenue in 2025 for the first time, according to a report from GroupM. Ad executives are gearing up for the new year, especially those with coveted live sports rights. However, advertisers may still be selective with their budgets, prioritizing live events.
As the final trading day of 2024 wraps up, investors are hoping for a strong finish to what has been a positive year overall for the stock market. The Nasdaq has gained about 30% and the S&P 500 is up nearly 24%. Markets will be closed on New Year’s Day and resume normal trading hours on Thursday.
