![]() It closed at 16,825, up by 2.4% from its previous high in November 2021. The Nasdaq 100, which tracks the largest 100 stocks on the Nasdaq excluding financial firms, exploded by 54% in 2023, erasing its 33% plunge in 2022, plus a little, and started hitting all-time highs in December. So after 27 months of rabid volatility, it ended up in the same place. The index had first reached this level in August 2021. But that was still down by 7% from its all-time high in November 2021. The Nasdaq Composite surged 43% in the year 2023, a huge rally, thereby reversing nearly all of the 33% plunge of 2022, and closed at 15,011. The years 20 were quite a show, with lots of massive ups and downs, to end up in nearly the same place as where it had started two years earlier (all historic index and stock data via YCharts): At the close, it was 0.5% below the all-time closing high of 4,796 which had occurred two years ago on January 3, 2022. The S&P 500 index surged 24% in the year 2023, thereby reversing the 19.4% decline of 2022, and closed the year at 4,770. The S&P 500 index ended below where it had been two years ago, and the Nasdaq ended where it had been in August 2021. Indices that are dominated by the largest stocks – including the Magnificent 7 – reached new highs (Nasdaq 100 and the Dow).ĭespite this huge year for stocks, the Russell 2000, which tracks 2000 small-cap stocks, ended where it had been in early January 2021 – three years ago. ![]() These huge movements in the stock market undid much of the damage that 2022 had done, but not all, and it was unevenly spread. And then, over the last two months of the year, there was the mania over the Fed’s gazillion rate cuts in 2024, which not only threw more fuel on the stock market, but also turned around the Treasury market and caused the 10-year Treasury yield to hop-scotch down the mountain in two months that it had spent eight months climbing. A handful of huge stocks provided extraordinary power to push stock indices higher in 2023. The year 2023 was a huge year for stocks, after a terrible year for stocks. S&P 500 still down from 2 years ago, Nasdaq back to Aug 2021, small caps back to 3 years ago, but the Mag 7 blew out.
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