Wall Street's Rollercoaster Ride: Factors and Fallouts

Wall Street closed lower after a volatile session, amid factors like solid labor data, a rising dollar, and Tesla's stock drop. Despite past gains, uncertainties around Federal Reserve's rate cuts and pro-business policies from the Trump administration influenced the market's direction.

The stock market experienced a turbulent day on Thursday, with Wall Street closing lower due to solid labor data, a dollar on the rise, and dropping Tesla shares. Major U.S. indexes ended in negative, reversing earlier gains but staying above session lows.

Peter Cardillo, chief market economist at Spartan Capital Securities, noted mixed macroeconomic signals and a strong dollar. He highlighted upcoming employment data and the fourth-quarter earnings as potential hurdles for the market's stability in the next few weeks.

Tesla shares plunged 6.1% following an annual decline in deliveries, impacting its aging electric vehicle lineup. Despite Federal Reserve uncertainties, the focus remains on U.S. economic strength with significant stock gains seen in 2024, even amid recent losing streaks.

(With inputs from agencies.)