The US stocks market ended the year 2014 on stronger note with modest declines recorded on Wednesday. Experts said that there was no major catalyst for the selling.
The Standard & Poor’s 500 index completed the year up 11.4 percent or 13.7 percent when dividends are included. This was the sixth consecutive year of gains for the stock market.
In contrast, oil registered its worst annual performance since 2008, after closing 45 percent down for the year 2014 after a remarkable slump in the second half of the year.
The annual gain of the stocks market surpassed even the most optimistic forecasts that were made at the starting of the year.
Cameron Hinds, Wells Fargo Private Bank’s regional chief investment officer, said, “It turned out to be a great year for US economic growth, which got us higher corporate profits as well.”
Meanwhile, most strategists have expressed hope for a rise in the US stocks in 2015 too. They’ however, predict more modest gains ranging between 4 percent and 6 percent.
The Dow Jones industrial average dropped 160 points or 0.9 percent to 17,823.07 on Wednesday. The S&P 500 declined 21.45 points or 1 percent to 2,058.90 on Wednesday, while the Nasdaq fell 41.39 points or 0.9 percent to 4,736.05. On the other hand, the Nasdaq increased 13.4 percent in 2014. The Dow Jones ended the year 2014 up 7.5 percent, lagging behind the Nasdaq and the S&P 500.
The US markets will remain close on Thursday for New Year’s Day and will reopen for normal functioning on Friday.
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