“Year-End US Stock Market Rally” US stock markets are on pace to wrap up the year with double-digit gains.
The S&P 500, which is hovering near its all-time high, closed up 25% for the year yesterday. The technology-heavy Nasdaq closed up 45% for the year and is nearing its best year since 2003. The Dow closed up 14% for the year, setting a seventh record high for the month yesterday. This year's rally marks a reversal from 2022, when all three major indexes closed lower (S&P 500 -19.4%, Dow -8.8%, Nasdaq -33.1%), ending the worst year for markets since 2008. Gains in 2023 have been partly due to the rise of artificial intelligence and big tech stock increases, primarily with a group known as the Magnificent Seven: Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia. A softening economy, marked by a cooling labor market and easing inflation, paired with next year's expected interest rate cuts also helped drive stock market gains. The annual inflation rate was at 3.1% in November, about a percentage point away from the Federal Reserve's annual target rate. https://news.join1440.com/t/j-e-sihtux-dhtltyhuid-dd/ _______________________________________________ Link mailing list [email protected] https://mailman.anu.edu.au/mailman/listinfo/link
