On Friday, there was a slight decrease in stocks, although the S&P 500 concluded 2023 with a remarkable 24% increase. This growth was driven by a slowdown in inflation, a robust economy, and the Federal Reserve’s indication of concluding its rate-hiking campaign.
Ending the year on a high note, the S&P 500 experienced a nine-week continuous rally, attaining its longest winning streak since 2004. The enthusiasm surrounding artificial intelligence (AI) propelled the Nasdaq Composite to its best performance since 2020.
The broad index settled at 4,769.83, representing a 0.28% decline for the day but still achieving a significant 24.2% gain for the entire year. Although the S&P 500 narrowly missed reaching a new all-time high, it came within 9 points, or less than 0.2%, of its record close of 4,796.56 recorded in January 2022.
Source (CNBC)
