American flags hang from the front the New York Stock Exchange, right, on April 11, 2024 in New York. (Peter Morgan / The Associated Press)The Dow was more than 500 points lower by midday, the S&P 500 lost 1.6 percent and the Nasdaq Composite was down by 2.2 percent after a selloff in Big Tech stocks. Trading volume was thin due to the shortened holiday week, magnifying any moves.
Don’t fear: Such dramatic market moves have become something of a Christmas week tradition, as buying and selling can have a dramatic effect on stock indexes with most traders on vacation.Bitcoin’s tremendous late-year rally also fizzled, as traders looked to profit taking. The cryptocurrency plunged to around US$93,900 Friday after topping US$106,000 earlier this month on hopes that President-elect Donald Trump will usher in a crypto-friendly administration when he returns to the White House next month. Treasury yields rose Friday, with the 10-year passing 4.6 percent, potentially pushing some trading out of equities. Looking ahead to 2025, stocks are likely to outperform bonds even after a two-year run of strong performance, said Anthony Valeri, investment management director at California Bank & Trust. “Investors should maintain their equity exposure into the New Year,” he wrote in a note issued Friday. “Stocks are still the best investment to protect against inflation.”The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to sho
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