Stocks Closed Lower Yesterday, But On Pace To Close Out Another Spectacular Year!

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Stocks Closed Lower Yesterday, But On Pace To Close Out Another Spectacular Year!

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Lower Yesterday, But On Pace To Close Out Another Spectacular Year! Stocks closed lower yesterday on the penultimate day of the year. But with one more day to go until 2024 comes to a close, the indexes are headed for another impressive year. YTD, the Dow is up 13.0; the S&P 500 is up 23.8%; the Nasdaq is up 29.8%; the small-cap Russell 2000 is up 9.90; and the mid-cap S&P 400 is up 12.1%. In other news, yesterday's Chicago PMI report showed the Index slip to 36.9 vs. last month's 40.2 and views for 42.7. The Pending Home Sales Index was up 2.2% vs. last month's 1.8% change and estimates for 0.9%. The Index itself came in at 79.0 vs. last month's 77.3. And the Dallas Fed Manufacturing Survey showed the General Activity Index at 3.4 vs. last month's -2.7. The Production Index came in at 3.9 vs. last month's -0.9. Today we'll get the Case-Shiller Home Price Index and the FHFA House Price Index. Even though it's New Year's Eve, the stock markets will observe normal trading hours today. Although, the bond markets will close early. But, of course, all the markets will be closed on Wednesday for New Year's Day. Regular trading resumes on Thursday – the first trading day of 2025. It's been a spectacular year so far. Spectacular 2 years actually. And it looks like the S&P 500 is headed for the second year in a row of 20%+ returns. (2023 was up 24.3%.) A rare feat. I note this because the last time we saw this take place was back in 1995-1996. (Prior to that, you'd have to go all the way back to 1954-1955 to see that.) But more impressive than the two years in a row of 20%+ gains is what happened afterwards. In 1997 it was up 31.0%; in 1998 it was up 26.7%; and in 1999 it was up 19.5%. That's 5 long, glorious years of gains. Those gains were driven by the technology boom of the internet and dot-com companies. The parallel is that today's gains, in part, are being driven by another technology boom, this one being shaped by Artificial Intelligence (AI). And it looks like we could be on the cusp of another 5 years of gains, if not more. Add in the prospect for lower interest rates, a strong economy, and increasing earnings estimates for the coming quarters, not to mention a broadening rally, and you have a recipe for an historic and long-lasting bull market. So make sure you're taking full advantage of it in 2025. Happy New Year! See you on Thursday, Kevin Matras Executive Vice President, Zacks Investment Research
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