Stocks are going out with a bang: The market is on pace for a record. The Nasdaq is having its best year since ‘03
CNN
The final trading day of 2023 could be one for the history books.
The final trading day of 2023 could be one for the history books. S&P 500: The broadest measure of the US stock market opened 0.1% higher to start the day — and if it hangs on to its gains, it may hit its first record high in two years. The S&P 500 is up a healthy 25% this year, ending the year with a bang: It’s on track for its ninth-straight weekly gain — the longest streak since January 2004. This year has been much kinder to the market than last: The benchmark index fell by about 20% in 2022. Dow Jones Industrial Average: The Dow reached multiple record highs in December, including notching records in each of the past five trading sessions. It opened 0.3% lower Friday but shortly after entered into positive territory and is on pace to hit its sixth-straight record. In 2023, the Dow is up 14%. Nasdaq Composite: The tech-heavy Nasdaq index was this year’s big star, however. It rose by 45% — its best performance since 2003, when stocks rebounded from the dot-com bust. It opened higher by 0.1% Friday … and, unlike the Dow and S&P 500, is not close to a record. It remains about 1,000 points below the all-time high it reached in November 2021, demonstrating what a horrendous year tech had in 2022 — and how much room it still has left to recover. Stocks surged this year as the US economy remained remarkably strong in the face of interest rate intervention by the Federal Reserve. CNN Business’ Fear and Greed Index ended the year in “Extreme Greed” territory. At this point in 2022, inflation was running at about 6.5%. Today, that number has more than halved and sits at 3.1%. The Fed has even indicated that a pivot toward rate cuts is imminent. US consumers, meanwhile, are still spending and economic data is resilient. Unemployment is at a healthy 3.7%.
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