Investors flocked back to purchasing stocks vigorously in recent days, leading to a surge in the market following a brief stumble at the beginning of the year.
The S&P 500 experienced a 0.2% increase, while the Dow Jones Industrial Average rose by 110 points, or 0.3%. The Nasdaq Composite also saw a 0.4% boost.
These Friday gains brought the S&P 500 just a hair’s breadth away from its all-time closing-high of 4,796.56, which was achieved in January 2022. It was also within close proximity to its intraday record of 4,818.62.
On Thursday, stocks made significant gains, causing the S&P 500 and Nasdaq to erase their losses from 2024. The surge was primarily driven by major advancements in the technology sector after Bank of America upgraded its rating on Apple shares to buy. As a result, Apple recorded its largest one-day gain since May 5, 2023.
After experiencing a 19% loss in 2022, the S&P 500 made a comeback in 2023, achieving a 24% gain. This was attributed to the economy successfully avoiding a recession that many had predicted, as well as a decline in inflation levels that prompted the Federal Reserve to halt its interest rate hikes. Although the benchmark came close, it fell slightly short of reaching a record after a powerful rally in the fourth quarter. At the start of 2024, the market rally briefly paused as investors took profits from prominent Big Tech companies such as Apple.
Source (CNBC)
