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US stocks retreated Tuesday, environment Wall Boulevard up for a downbeat inaugurate to 2024 after a profitable yr that left the S&P 500 staunch short of a original file high.
The benchmark S&P 500 (^GSPC) lost almost 0.6%, whereas Dow Jones Industrial Common (^DJI) rose staunch above the flatline. The tech-heavy Nasdaq Composite (^IXIC) led the losses, shedding shut to 1.6%.
The rally in stocks stalled on Friday after two months of gains that helped the major gauges damage 2023 with sturdy yearly gains. Plus, the S&P 500 notched its ninth weekly rating in a row, the longest plug since 2004, and is inching against taking out its all-time closing high of 4,796.56.
Tech stocks lost floor after Barclays analysts downgraded their ranking on Apple’s stock, citing concerns about set an train to for tag spanking original iPhones. Apple (AAPL) shares fell almost 4% as tech stocks slid.
Economic updates this week could well perchance also set the rally to the take a look at, with the December jobs file due Friday watched for its possible to sway the Federal Reserve’s thinking. Merchants’ bets that rate of interest cuts will near fleet and deep in 2024 have confidence buoyed stocks.
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