Wall Street stock prices slump
New York (AP) — U.S. stocks fell Monday as a strong year for the market looks set to end on a sour note.
The S&P 500 fell 1.6% in morning trading. Nearly every stock within the index lost ground. With just two days left in 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%.
The Dow Jones Industrial Average fell 680 points, or 1.6%, as of 10:07 a.m. Eastern time. The Nasdaq composite fell 1.7%.
Big Tech companies were among the heaviest weights on the market, worsening the slump. Apple fell 1.5% and Microsoft fell 1.6%. Their pricey valuations tend to have an outsized impact on the broader market.
Boeing fell 4.4% after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.
Wall Street stock prices slump
The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30% this year.
Bond yields fell. The yield on the 10-year Treasury fell to 4.55% from 4.63% late Friday. The yield on the two-year Treasury fell to 4.26% from 4.33% late Friday.
Crude oil prices rose 0.9%. Energy stocks held up better than the rest of the market. The sector slipped 0.5% for the smallest drop within the S&P 500 index.
Indexes in Europe and Asia mostly fell.
Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday. Markets will be closed on Wednesday.
On Thursday, investors will get an updated snapshot of U.S. construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.
