how has the stock market done in 2024

how has the stock market done in 2024

Quick answer (lead): how has the stock market done in 2024 — broadly, major U.S. equity indexes finished the calendar year with strong gains (S&P 500 up roughly mid-20% range; Nasdaq Composite/Nasdaq-100 near +29–30%; Dow and small caps posted more modest returns), driven by earnings resilience, monetary easing, and a concentrated rally among the largest technology firms. This article summarizes index-level returns, sector and style performance, market breadth, drivers, related asset-class moves, a chronological timeline of key events, and source references.

Overview and headline returns

As investors asked early and often, "how has the stock market done in 2024?" the short, verifiable answer is: better than many expected. As of published market reviews in early January 2025, major recap reports place the S&P 500 gain in the mid-20% range for the calendar year, the Nasdaq indexes near +29–30%, the Dow Jones Industrial Average up but less than the broad market, and the Russell 2000 (small caps) lagging with low-single- to low-double-digit gains. (Sources: Charles Schwab, Dimensional, Fidelity — see References.)

• As of Jan 6, 2025, Charles Schwab summarized 2024 as "a very good year" for large-cap U.S. stocks, with numerous all-time highs recorded across major indexes.
• As of Dec 19, 2024, Baird Wealth and other wealth managers attributed much of the market’s advance to a handful of very large-cap technology firms, plus favorable earnings revisions.

This article repeatedly answers the core user query — how has the stock market done in 2024 — by reviewing the relevant data, explaining drivers, and flagging measurement caveats.

Index-level performance

S&P 500

how has the stock market done in 2024 when measured by the S&P 500? The S&P 500 ended the calendar year with total returns notably above long-term averages, with a price-return gain in the mid-20% range (many sources converge on that figure). Total-return figures that include dividends are slightly higher. The index logged multiple record closes during the year, reflecting an advance concentrated in large-cap names.

• Role of large caps: a small group of the largest companies accounted for a disproportionate share of S&P 500 gains in 2024, lifting the index even as many mid- and small-cap names lagged. (Source: Charles Schwab, Jan 6, 2025.)

Nasdaq Composite and Nasdaq-100

how has the stock market done in 2024 on the tech-heavy Nasdaq? The Nasdaq Composite and Nasdaq-100 outperformed the S&P 500, with the Nasdaq indexes roughly in the high-20s to around +30% for the year. Technology, software, semiconductors and AI-related names were primary contributors. The Nasdaq-100 — with its heavy allocation to mega-cap tech — benefited more than the broad Nasdaq Composite in many weeks.

• Major contributors: semiconductor leaders and large-cap cloud/AI beneficiaries were prominent; Nvidia and other high-cap tech firms were frequently cited as top return contributors in 2024 market recaps. (Sources: Yahoo Finance, Fidelity.)

Dow Jones Industrial Average

how has the stock market done in 2024 for the Dow? The Dow posted positive returns in 2024 but lagged the S&P 500 and Nasdaq in percentage terms. The Dow’s price-weighted structure and exposure to industrial, financial and consumer-oriented large caps produced steadier, but smaller, gains relative to growth- and tech-led indexes.

Russell 2000 / small- and mid-caps

how has the stock market done in 2024 for small caps? The Russell 2000 underperformed large caps for the full calendar year, with weaker cumulative returns in many reports. Small caps showed phases of late-year strength but finished the year behind the S&P 500 and Nasdaq in headline returns; mid-cap performance sat between small caps and large caps. (Source: Dimensional; Broadway Bank.)

Sector and style performance

how has the stock market done in 2024 across sectors and styles? Sector returns were uneven and style dynamics favored growth, particularly large-cap growth, over value for much of the year.

• Outperformers: Information Technology, Communication Services, and Consumer Discretionary led performance, driven by companies tied to AI adoption, cloud computing, and platform monetization.
• Laggards: Some traditional defensive and cyclical sectors (e.g., Utilities, certain Industrials) lagged relative to the high-growth leaders.
• Growth vs Value: Growth outpaced value in 2024, largely because growth indexes have higher weights in mega-cap technology firms that rallied strongly.

These sector patterns reinforced a market that delivered strong headline returns while exposing concentration risks in a few large-cap names.

Market breadth and concentration

A central part of answering "how has the stock market done in 2024" is recognizing that headline index returns masked narrow breadth.

• Concentration: Multiple sources highlight that the top 7–10 companies (often called the largest tech leaders) made up a sizable share of the S&P 500’s total return in 2024. That concentration amplified index gains while many smaller constituents underperformed.
• Breadth indicators: Market-breadth measures — such as the proportion of S&P 500 stocks above their 200-day moving averages or the share of stocks hitting new highs — showed weaker, uneven breadth compared with the headline advance.

Implication: Strong headline gains can coexist with limited participation across the broader market, which matters for diversification and risk assessment.

Primary drivers of the 2024 rally

Below are the main, evidence-backed drivers most sources cite when explaining how has the stock market done in 2024.

Corporate earnings and fundamentals

how has the stock market done in 2024 relative to earnings? Corporate earnings were a core support for the rally. Analysts’ earnings revisions were generally positive early in the year, and several large companies reported results that exceeded expectations. Earnings growth — not just multiple expansion — contributed meaningfully to index returns in 2024, according to market reviews. (Source: Baird Wealth; Fidelity.)

Monetary policy and rate moves

how has the stock market done in 2024 amid monetary policy? Central-bank policy shifts were important. Across 2024 the Federal Reserve moved from a tightening stance earlier in the monetary-cycle discussion to easing via a series of policy rate cuts (as summarized in major recaps). These cuts lowered short-term policy rates and helped improve market sentiment. Long-term yields (10-year Treasury) remained elevated relative to historical lows but settled near mid-single-digit levels — widely reported around 4%–4.5% by year-end in several sources — which influenced valuations and fixed-income returns. (Source: Charles Schwab; Dimensional; BOKF/The Statement.)

Macroeconomic backdrop and consumer strength

how has the stock market done in 2024 when macro indicators are considered? The macro environment featured steady consumer spending, continued employment strength, and disinflationary trends that eased investor concerns. GDP growth was positive and inflation trended lower through the year, supporting both corporate revenue growth and central-bank decisions.

Technology, AI and thematic drivers

how has the stock market done in 2024 because of technology trends? AI and related compute-driven themes were prominent catalysts. Firms linked to semiconductor manufacturing, cloud compute, and AI software/hardware benefited from strong investor allocation, which helped lift tech-heavy indexes and contributed to concentration effects in market returns.

Election season and market reaction (non-partisan)

how has the stock market done in 2024 around major political-calendar events? The 2024 U.S. election cycle created episodic volatility and attention from investors, but there was no sustained, market-wide selloff attributed solely to election results. Markets reacted to policy-related headlines and uncertainty at times, but the year-end performance reflected underlying earnings and monetary-policy drivers more than political developments. (Presented factually and without political commentary.)

Volatility, drawdowns and intra-year dynamics

A full answer to how has the stock market done in 2024 must include intra-year motion. 2024 featured periods of volatility and several pullbacks during earnings seasons or macro-data releases, but those corrections were smaller than prior multi-year bear-market drawdowns.

• Notable dynamics: intermittent corrections, sector rotations, and occasional spikes in realized volatility (VIX) accompanied the rise in major indexes.
• Recovery pace: drawdowns were generally followed by relatively swift recoveries, especially when large-cap tech resumed momentum.

These dynamics illustrate that a strong calendar-year return can include multiple short-term reversals.

Fixed income and yields

how has the stock market done in 2024 relative to bonds? Fixed-income markets had mixed results in 2024:

• Aggregate bond returns were modestly positive in many segments once policy easing began, but total returns varied by duration and credit quality.
• Yield curve: yields shifted through the year; the long-end (10-year Treasury) moved lower from earlier highs but remained well above the multi-year lows of the prior decade, with year-end references near ~4.5% in some reports.
• Credit: investment-grade corporate bonds and high-yield performed differently depending on risk appetite and credit spreads.

(Source: Dimensional; Fidelity.)

Commodities and alternatives

how has the stock market done in 2024 compared to commodities and alternatives? Commodity returns were heterogeneous:

• Oil: oil prices showed cycles of strength and weakness tied to geopolitical and demand signals.
• Gold: gold posted notable gains in 2024 in several summaries, often cited as a safe-haven and inflation-hedge response amid rate shifts.
• Alternatives: real assets and private markets continued to draw institutional interest, but public commodity returns were mixed year-to-year. (Source: Yahoo Finance; BOKF.)

Cryptocurrencies and digital assets (brief)

how has the stock market done in 2024 alongside crypto? Digital assets performed strongly in 2024 relative to many traditional asset classes: bitcoin and several major tokens experienced outsized percentage gains in 2024, with some reports citing bitcoin up roughly 100% or more for the calendar year. Crypto’s moves were correlated to risk appetite, regulatory developments and narratives around institutional adoption. (Sources: Fidelity summary; selective market recaps.)

Note: crypto-specific metrics such as on-chain transaction counts, active wallet growth and ETF flows were cited by some providers when contextualizing crypto’s performance; those metrics are reported independently by crypto analytics firms.

Regional and international equity performance

how has the stock market done in 2024 outside the U.S.? International performance varied:

• Developed international markets: returns were mixed, generally trailing U.S. large caps in many cases due to sector mix and currency effects.
• Emerging markets: performance diverged by country and commodity exposure; some EM markets outperformed while others lagged.
• Currency impact: a relatively strong U.S. dollar during parts of the year weighed on unhedged international returns for U.S.-based investors.

(Sources: Baird; Broadway Bank.)

Key events and timeline (chronology)

A chronological, bullet summary helps answer "how has the stock market done in 2024" by linking market moves to events. Dates below reflect commonly cited market-moving items during the calendar year.

• Q1–Q2 2024: Corporate earnings season shows mixed but generally resilient results; tech leadership begins to re-accelerate.
• Mid-2024: Inflation readings continue to decelerate from prior peaks; markets begin pricing in central-bank easing.
• Late Q3 2024: AI and semiconductor-related earnings/announcements spark renewed investor interest; Nasdaq leadership strengthens.
• Q4 2024: Fed signals and initial policy-rate cuts increase risk-taking; large-cap tech posts strong quarter-to-quarter gains.
• Year-end 2024: Index records and concentrated leadership lead to strong calendar-year returns for major U.S. indexes.

(Each timeline point is summarized from market reviews published between Dec 2024 and Jan 2025 — see References for source dates.)

Market implications and outlook heading into 2025

how has the stock market done in 2024, and what did that imply for 2025? Authors of the source reviews commonly highlighted the following, stated as observations rather than forecasts:

• Valuation attention: after strong returns, valuation multiples for the largest outperformers expanded; analysts urged attention to earnings delivery and interest-rate sensitivity.
• Concentration risk: narrow leadership suggested that future return variability could be elevated if the largest contributors stalled.
• Risks flagged: potential risks included inflation surprises, policy shifts, and disappointing corporate guidance; these were cited as watchpoints in market recaps.

All forward-looking commentary in the sources was framed as scenario analysis, not investment advice.

Data, measurement, and methodology

how has the stock market done in 2024 depends on measurement choices. Important methodological notes:

• Price vs total return: price returns exclude dividends; total returns include dividends (total returns are higher by a small percentage over a single year).
• Index definitions: S&P 500 (large-cap, market-cap weighted), Nasdaq Composite (broad tech-heavy), Nasdaq-100 (largest non-financial Nasdaq listings), Dow Jones Industrial Average (price-weighted 30 stocks), Russell 2000 (small-cap benchmark).
• Cap-weighting effects: market-cap weighting gives larger firms proportional influence; concentration among the largest names can therefore skew headline index performance above median-stock performance.
• Caveat: past performance is not a reliable indicator of future returns; this historical review documents calendar-year 2024 outcomes only.

See also

• S&P 500
• Nasdaq Composite
• Federal Reserve monetary policy 2024
• Cryptocurrency in 2024
• Market breadth indicators

References

Reported source recaps used to compile this article (title and reporting date):

• Charles Schwab — "It Was a Very Good Year" (Jan 6, 2025). Report summarizing 2024 index returns and concentration effects.
• Baird Wealth — "Why Did the Stock Market Do So Well in 2024?" (Dec 19, 2024). Market drivers and earnings/valuation notes.
• Yahoo Finance — "10 charts that tell the story of markets and the economy in 2024" (Jan 5, 2025). Visuals and cross-asset perspective.
• Broadway Bank — "S&P 500 Performance and Market Insights 2024" (Jan 10, 2025). Index-level and sector details.
• Dimensional — "Market Review 2024: Stocks Overcome Uncertainty…" (Jan 6, 2025). Academic-leaning market review.
• Withum — "My Opinions About 2024's Stock Market Performance" (Feb 18, 2025). Practitioner reflections and timeline.
• Southern Security — "Looking Back on the 2024 Stock Market Rally" (Jan 16, 2025). Wealth-management perspective.
• BOK Financial / The Statement — "How financial markets fared in 2024" (Jan 3, 2025). Cross-asset summary.
• Fidelity — "2024 stock market report" (updated Jan 2025). Institutional recap including crypto mention.

As of the reporting dates above, the cited headline returns and driver summaries were described in the original source pieces.

Appendix — Suggested tables and figures (HTML-ready)

Below are recommended visuals to include in a full-page wiki presentation. The HTML table sample shows the layout for headline index returns.

Suggested charts: index cumulative-return chart for 2024; sector-return bar chart; top-7 weight contribution pie or stacked bar; 10-year Treasury yield series for 2024; bitcoin price series for 2024.

How to read this review and next steps

This piece aimed to answer the user query "how has the stock market done in 2024" by combining index returns, driver analysis and cross-asset context from major market recaps published in late 2024 and early 2025. If you want to dig deeper:

• Explore index fact sheets and provider recaps (S&P, Nasdaq, Russell) for security-level performance.
• Review central-bank minutes and published rate decisions for the timing of policy moves mentioned above.
• For crypto-specific metrics (on-chain activity, wallet growth), consult blockchain analytics providers and institutional custody reports.

Further exploration: consider Bitget for trading and Bitget Wallet for self-custody of digital assets if you are evaluating integrated crypto services; Bitget’s educational resources can help you understand how digital-asset performance compared to traditional markets in 2024.

Thank you for reading this data-focused review of how has the stock market done in 2024. For additional figures or CSV-ready tables of the headline index and sector returns, indicate which tables or file format you prefer and this article can be expanded with downloadable assets.