Stock market today: Wall Street slips as the 'Magnificent 7' weighs down the market
Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note
By DAMIAN J. TROISE
Published - Dec 27, 2024, 04:48 PM ET
Last Updated - Dec 27, 2024, 04:48 PM EST
NEW YORK (AP) — Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note.
The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size.
The S&P 500 fell 66.75 points, or 1.1%, to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week.
The Dow Jones Industrial Average fell 333.59 points, or 0.8%, to 42,992.21. The tech-heavy Nasdaq composite fell 298.33 points, or 1.5%, to 19,722.03.
