By Ovunc Kutlu
ISTANBUL (AA) - The S&P 500 and the Nasdaq closed lower Tuesday to start 2024 with losses, after exchanges managed to finish 2023 with their best performances in years.
The Nasdaq plummeted 245 points, or 1.63%, to finish the day at 14,765, posting its worst daily loss since October. The tech-heavy index soared 43.4% for 2023 – its highest annual gain since 2020.
The S&P 500 fell 27 points, or 0.57%, to close the session at 4,742. The index last week posted its ninth consecutive weekly gain – its longest winning streak since 2004 – as it jumped 24.2% last year.
The Dow Jones Industrial Average, on the other hand, added 25 points, or 0.07%, to end the day at 37,715 after the blue-chip index posted a 13.7% gain for last year.
The VIX volatility index, also known as the fear index, jumped 6% to 13.20. The 10-year US Treasury yield rose 2.2% to 3.942%.
The dollar index rose 0.9% to 102.25, while the euro shed 0.9% to $1.0941 against the greenback.
Despite earlier gains, precious metals were in negative territory with gold losing 0.2% to $2,059 per ounce and silver trimming 0.6% to $23.64.
Oil prices were also in the red, with global benchmark Brent crude falling 1.3% to $76.01 per barrel and US benchmark West Texas Intermediate crude losing 1.6% to $70.52.