Stock markets weak on first trading day of year, but investors still hopeful for 2024

TORONTO - Despite a lacklustre start to trading in the new year, many investors hold on to the optimism that 2024 could usher in moderate stock market growth and the start of a lower interest rate regime. The S&P/TSX composite index dipped by 86.30 points, concluding at 20,872.14. Over in New York, the Dow Jones industrial average increased slightly by 25.50 points, reaching 37,715.04. Simultaneously, the S&P 500 index saw a decrease of 27 points, closing at 4,742.83, while the Nasdaq composite sunk 245.41 points to end at 14,765.94. The Canadian dollar exchanged for 75.10 US cents, slightly down from 75.61 US cents on the previous Friday. The crude oil contract for February dropped by US$1.27, settling at US$70.38 per barrel, while the February contract for natural gas rose by five cents to US$2.57 per mmBTU. The gold contract for February surged up by US$1.60, finalizing at US$2,073.40 an ounce, while the March contract for copper declined by one cent to US$3.88 a pound. This information, originally reported by The Canadian Press, was first published on Jan 2, 2024. Companies featured in this coverage include (TSX:GSPTSE, TSX:CADUSD).