Stocks Start 2025 with Gains on Hopes for Continued Momentum

Traders work on the floor of the New York Stock Exchange on the last day of trading for the year on Dec. 31, 2024 in New York City. The market moved higher to start 2025, with hopes that the market can regain the momentum that propelled the S&P 500 to log two-straight years of annual gains above 20%. Energy stocks helped boost the market in early trading Thursday. Shares of Chevron rose 1.4%, and renewable stock Enphase Energy jumped more than 4%.

However, some of the hot tech stocks from 2024 struggled in early trading. Shares of Tesla fell 5% after reporting that annual deliveries declined in 2024. Defense tech stock Palantir dropped more than 3%. Stocks fell in the final days of 2024, but the the year still produced solid returns. The S&P 500 surged 23% last year, while the 30-stock Dow added nearly 13%. Fueled by the enthusiasm around artificial intelligence and interest rate cuts, the Members of the so-called Magnificent Seven were behind much of the market's action in 2024. AI chip darling Nvidia notched a 171% gain for the year, while iPhone maker Apple rose 30%. But these big gains led to some profit-taking at the year's end. The S&P 500 recorded four-straight down days to cap the year — a first since 1966. to materialize. That well-known market indicator is usually characterized by rising stocks in the five final days of a calendar year and the first two trading days of January. The broad index rises an average of 1.3% during this period and has finished higher almost 80% of the time, according to Dow Jones market data going back to 1950. The tech-heavy nature of 2024's rally has raised some concern that the move is unsustainable, but more optimistic investors point to continued economic strength and earnings growth as reasons that the market still has room to ru

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