US stocks were lower in New York with the rally that’s propelled equities sharply higher over the last two months running out of momentum. Wall Street will be closed on January 1 and trading will resume on Tuesday. The S&P 500 slipped 0.3 per cent to finish at 4770, it ended the year on a nine-week winning streak. During the previous session, it traded within 4 points of the record 4796.56 set on January 3, 2022. The index rallied 24 per cent for the year.
The Nasdaq 100 finished 2023 up 54 per cent, its best year since 1999. The Nasdaq Composite advanced 43 per cent for 2023. The Dow lagged, with a 14 per cent gain. “Momentum remains overbought but bullish as the rally broadens out,” according to LPL Financial technical strategist Adam Turnquist. “It is important to note that in strong uptrends/bull markets, overbought conditions can persist for meaningful periods,” Turnquist also said. “And while extremely overbought conditions raise the odds of a temporary pause or pullback, longer-term returns have been positive and above average based on comparable period