Stocks close out 2023 with a 24% gain, buoyed by a resilient economy
CBSN
Investors have plenty to cheer as 2023 draws to a close, with the S&P 500 ending the year with a gain of more than 24% and the Dow finishing near a record high. Easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year.
The benchmark S&P 500 index inched lower Friday, the last trading day of 2023, but ended the year with a 24.2% gain. The Dow Jones Industrial Average rose more than 13% this year, and the Nasdaq soared 43%, driven by gains in big technology companies, including Nvidia, Amazon and Microsoft.
The rally that started in November helped broaden the gains within the market beyond just the big technology companies. Investors were also buoyed by a December forecast from the Federal Reserve that it plans to cut interest rates three times in 2024.
President-elect Donald Trump has chosen Republican Rep. Lori Chavez-DeRemer as his nominee to lead the Labor Department.
President-elect Donald Trump on Friday announced hedge fund billionaire Scott Bessent as his pick for U.S. Treasury secretary, choosing a former executive with Soros Fund Management who in recent years has been a vocal supporter of the former president's policies, from tariffs to spending cuts.
Walmart must pay almost $35 million to one of its former truck drivers after a California jury found the retailer had falsely accused him of workers' compensation fraud and wrongfully terminated him.
Americans planning to do some holiday baking this year may have to scramble to track down a key ingredient.
Washington — The Supreme Court on Friday said it will consider the constitutionality of the Federal Communications Commission's Universal Service Fund, agreeing to review a lower court decision that upended the mechanism for funding programs that provide communications services to rural areas, low-income communities and schools, libraries and hospitals.
Just a week before Thanksgiving, shoppers at Stop & Shop stores across Massachusetts were forced to leave empty-handed after a cyberattack against the supermarket chain's parent company led to inventory shortages.
For the last seven years, Brazilian soccer legend Marta dreamed of playing in a National Women's Soccer League championship game.
Former Rep. Matt Gaetz of Florida says he doesn't intend to return to Congress in January, after resigning from his seat and withdrawing from consideration as U.S. attorney general.
The United States on Friday announced sanctions against a former Colombian general it said was involved in extrajudicial killings of civilians falsely reported as combat deaths.
Jeff Bezos' Blue Origin launched six space tourists on a high-speed dash to the edge of space and back Friday, giving the passengers — including a husband and wife making their second flight — about three minutes of weightlessness and an out-of-this world view before the capsule made a parachute descent to touchdown at the company's west Texas flight facility.
The Emmy Award-winning "CBS News Sunday Morning" is broadcast on CBS Sundays beginning at 9:00 a.m. ET. "Sunday Morning" also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)