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The S&P 500 Closes Lower to End the Year, But 2023 Gains
The S&P 500 closed lower on the last trading day of 2023, but still recorded a strong gain of over 20% for the year. The index fell 0.4% at the close to end the year up about 23%. Meanwhile, the NASDAQ and DJIA fell about 0.1% and 0.9%, respectively.
Tesla stocks gave up earlier gains, ending 3.2% lower despite news of its energy storage gigafactory in Shanghai entering trial production, with full-scale production expected early next year.
Boeing shares ended marginally lower after previous session’s significant losses, following a devastating air accident in South Korea that killed 179 people.
United States Steel Corp stocks jumped over 9% after Nippon Steel made a last-ditch attempt to secure President Joe Biden’s approval for its $14.9 billion acquisition of the US steel maker.
The US economic data calendar is quiet until Wednesday’s New Year’s holiday, but will pick up steam later in the week with reports on ISM manufacturing activity data and weekly energy inventory data. Crude oil prices rose due to signs of growth in Chinese manufacturing activity, but are likely to end the year lower for a second consecutive year due to demand concerns.