Sherif Adel (Washington)
Despite the pessimistic expectations with which the year began, and with which many analysts expected the US economy to enter a recession, the S&P 500 index ended the year 2023 with an increase of 24%, as inflation slowed, the labor market calmed, and the economy maintained its strength, while the Bank of… The Federal Reserve has indicated the possibility of lowering interest rates as early as 2024.
By the end of Friday’s trading, the most comprehensive index of the world’s largest economic sectors completed its ninth consecutive week of rises, in its longest series of weekly rises since 2004, while the artificial intelligence revolution contributed to giving the Nasdaq index, which is full of technology company stocks, another year of strong rises. For the first time in three years. Despite the weekly rise, the S&P index was down on Friday, losing 0.28%, but it remained close to exceeding its all-time high, from which it was 0.2% away at some moments of the trading session.
On the same day, the Dow Jones Industrial Average lost 0.05%, but it recorded an increase of more than 13% during the year, which also witnessed a new record high for the most famous index in the world.
The Nasdaq index lost 0.56% on Friday, in what some saw as profit-taking operations that precede the redistribution of investment portfolios that occur at the beginning of each quarter, especially after the significant increases witnessed in the last quarter. The index rose by more than 43% during the ending year.
“The upward momentum remains favorable as we approach the end of the year,” said Mona Mahajan, chief investment strategist at financial advisory firm Edward Jones. “It has been an amazing year given the strong rises.”
2023-12-30 21:26:00
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