With the prospect of looser monetary policy in 2024, the U.S. stock market closed the last session of the year slightly lower, which does not tarnish the remarkable upward momentum recorded in the last months of the year, propelling all three major indexes to monthly, quarterly and annual gains. During 2023, all three indexes have posted double-digit growth.
Analysts see reasons for optimism heading into 2024. The soft landing of the U.S. economy, with inflation tamed, consumer spending steady and a very resilient labor market, has buoyed trading, notably in the S&P, which has posted gains of more than 20% this year.
At the close of trading on Friday, the S&P 500 bulls posted their longest weekly gain since January 2004. While the broadest index in the U.S. stock market closed today down 0.28%, leaving it just under 30 points from a record close, it has gained 24% this year, with a record-breaking final finish. This year has been much kinder to the market than the last: the benchmark index fell about 20% in 2022.
Like the S&P 500, the Dow Jones and Nasdaq have also posted nine consecutive weekly gains, the longest streak since early 2019. The Dow hit multiple all-time highs in December, including records in each of the last five trading sessions. This Friday, it was down 0.05% to close at 37,689. In 2023, it has made gains of 14%.
But Nasdaq has been the shining star of the year, despite the turbulence in the sector (massive layoffs in Big Tech, the disruption of X, formerly…
