Stocks fell on Wall Street as a strong year for the market looks set to end on a sour note. The S&P 500 closed 1.1% lower Monday. On the second-to-last day of 2024, the benchmark index is still on track for its second straight yearly gain of more than 20%.

The Dow ended more than 400 points lower on Monday, clawing back some of the deepest losses from earlier in the day.

The S&P 500 climbed 0.7% in morning trading after erasing an initial drop. The Dow Jones Industrial Average was up 311 points, or 0.7%, as of 10:40 a.m. Eastern time, while the Nasdaq composite gained 0.7%.

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The Dow Jones Industrial Average jumped 498 points, or 1.2%, and the Nasdaq composite gained 1%. Superstar stock Nvidia and other Big Tech companies led the market, which got a lift after a report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected.