Market Wrap-Up: Key Highlights to Kickstart Your Week

Author

Market Maverick
January 02, 2025

Good morning! Here's your round-up of major headlines, market trends, and interesting tidbits to kick off the week.

📈 Market Wrap-Up

  • Record-Breaking Year, Downbeat Finish:

    • S&P 500: Fell 0.4% on the last trading day but posted a 23.3% annual gain, marking the second straight year of 20%+ rises.

    • Nasdaq: Surged 28.6% in 2024.

    • Dow Jones: Rose 12.9% for the year.

  • Minimum Wage Hike:

    • New minimum wages are now in effect in 21 states.

  • Puerto Rico Power Outage:

    • A grid failure left 58% of Puerto Rico without electricity on New Year's Eve.

  • Tragedy in New Orleans:

    • A truck attack in the French Quarter killed 10 people and injured 35.

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🧠 Make Yourself Heard

Quiz Time — Can you guess Venezuela’s GDP growth over the last three years?

  • ⏬ -20% to -10%

  • 🔽 -10% to 0%

  • 🔼 0% to 10%

  • ⏫ 10% to 20%

Scroll down for the answer!

Venezuela’s Economy: Stronger Than You’d Think

  • The country’s GDP grew 9% in 2024, up from 5.5% in 2023.

  • Read more insights.

Drug Price Hikes:

  • Over 250 medications are seeing price increases, with a median hike of 4.5% starting January 1.

📊 Winners and Losers

Market Movers:

  • Warren Buffett: Bought $74 million in VeriSign stock, raising Berkshire’s stake to 14%.

  • Boeing: Ended as the Dow’s biggest loser in 2024, down 32%.

Other Headlines:

  • Apple TV+: Launches its first-ever free weekend streaming promotion (Jan 3-5).

  • Wendy’s: Closed 220 locations in 2024.

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🌍 Global Perspectives

  • Russian Gas: Exports to Europe via Ukraine ceased, cutting Russia's revenue by $6 billion annually.

  • Germany’s NYE Chaos: Five people died and dozens of emergency workers were injured.

  • Gaza Strikes: Israeli airstrikes killed eight Palestinians in Gaza's Shejaia suburb.

📊 Crypto Spotlight

  • Tether: Moved $780 million in Bitcoin to its reserve, its largest transfer since March.

  • IRS Delays Crypto Rules: New cost-basis reporting postponed

Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Please consult a professional before making investment decisions.