2024-12-21
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Hey listeners, it's Saturday, December 21st.
I'm Karen Langley for the Wall Street Journal, and this is What's News in Markets.
Our look at the biggest stock moves of the week and the news that drove them.
Let's get to it.
This week turned into a rocky one for markets.
Things started out steadily enough.
Then came Wednesday.
When the Federal Reserve signaled it might keep interest rates higher than next year than investors had expected.
This was not music to investors' ears.
The doubt tumbled more than 1100 points while the Russell 2000 lost 4.4%.
That made Wednesday the worst day in two and a half years for the Russell in index of smaller publicly traded companies.
Investors had been thinking that additional rate cuts next year would help stocks keep powering higher.
So learning that the Central Bank may make fewer cuts than expected was an unpleasant surprise.
While stocks climbed Friday, they still ended the week lower.
The S&P 500 fell 2% for the week, while the Dow lost 2.3% and the NASDAQ dropped 1.8%.
With the holidays coming up, it's a big time for eating, but this week food-related stocks were telling different tales.