** Wall Street has closed the books on 2024, with the AI boom, rate cuts powering a bull run

** S&P 500 index .SPX finishes the month with a 2.5% loss, the quarter with a 2.1% gain, and the year with a 23.3% jump

** SPX up 53% over 2023-2024 period, scores biggest rolling two-year gain since 66% run in 1997-1998

** Once again, thanks to the Magnificent Seven, gains were skewed by strength in massive growth and technology names; Indeed, when it came to cutting-edge ETF themes, Mag 7 still ruled the roost

** S&P 500 growth ETF SPYG.P, with a Q4 dash, ran for the roses, and scored its biggest yearly gain since 2009, topping the ETF investing style factors tote board for 2024

** Dow Industrials .DJI rose about 13% in 2024, while the Nasdaq .IXIC advanced about 29%. The small-cap Russell 2000 .RUT gained ~10%

** For 2024 SPX sectors, Communication Services .SPLRCL and Tech .SPLRCT led the way higher with surges of 39% and 36%. Materials .SPLRCM, down 1.8%, was the sole loser

** Tech .SPLRCT up 36%. Chip stocks .SOX score a solid 19% rise for the year as AI-darling Nvidia NVDA.O extended its gains, while Intel INTC.O tumbled

** Consumer Discretionary .SPLRCD up 29%. Cruise stocks advance as demand strengthens, and GM GM.N shines in rough year for US automakers, though U.S. restaurant chains grapple with weak demand, value wars in 2024

** Financials .SPSY rally 28% as top US banks advance on rate cuts, revival in deal-making. Under the surface, big banks outperformed with the S&P 500 Banks Index .SPXBK up 34%, while the KBW Regional Banking index .KRX lagged with a near-10% rise

Also, insurers catch up with market benchmark after lagging in 2023

** Utilities .SPLRCU power up roughly 20%. Sector's rise helped by surging demand for growing AI needs, data center expansions

** Industrials .SPLRCI add 16%. US defense stocks rise on higher global military spending, and U.S. airline stocks soar on strong travel demand

** Energy .SPNY gains >2%. NYMEX Crude futures CLc1 drill down to support, is it solid? CLc1, at just shy of $72, edges lower on the year

** Healthcare .SPXHC adds 0.9%. Lilly LLY.N rides weight-loss drug wave, posts eighth straight yearly gain, and hospital operators rise. Though health insurers end another year with losses

** In terms of individual SPX stocks, Palantir PLTR.O, Vistra Corp VST.N and Nvidia NVDA.O, boosted by AI fever, were the top performers, surging 340%, 258% and 171%. On the flip side, Walgreens Boots Alliance WBA.O was the worst performer, falling 64%

** U.S. 10-Year Treasury yield US10YT=RR jumps in Q4, pushes back over 4.50%. Will rising yields derail equities?

** U.S. Dollar index =USD gains 6.6% for the year

** Gold XAU= advances ~27% in 2024, hits record high of $2,790.15 in late Oct. Though dips in Q4, to end four qtr win streak

** 'To the moon:' bitcoin BTC= more than doubles in 2024, though crypto stocks mixed

** Meanwhile, back in the game: IPO stocks surge in 2024 as 'animal spirits' lift equity markets. This as stellar debut in Dec for software startup ServiceTitan TTAN.O seen as an encouraging sign for 2025

** SPX performance for 2024:

(Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)

((lance.tupper@tr.com

terence.gabriel@tr.com))