Stock Markets Hit New Record High
The stock markets climbed last week to achieve a new record high, despite very little economic data to work.
What has powered the market in recent weeks is the quarterly earnings reports from a number of high profile stocks. Disney, Nvidia, Walmart, and Microsoft have all been posting their 4th quarter earnings for 2023 and have helped push the markets higher than ever before.
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In five months (since October 1st), the stock market has gained 24%. That means there is plenty of good news to go around, even as the S&P 500 hit a new high and broke records. Helping out the markets is a conservative Fed that has decided to hold off on cutting interest rates. Consumers are helping the economy by spending more freely and lifting up numerous technology stocks.
The market should continue to do well this year as the US is working hard to avoid recession. The economy is slowly making its recovery, and even when economic data is not positive, the market is responding calmly.
The tech sector led the way in recent gains, providing 60% of the increase. Those gains have primarily come from Nvidia, Microsoft, Meta, Amazon, and Google and been helped by strong interest in artificial intelligence technologies. Most of the tech giants are committed to major projects in that tech field or are already releasing products that incorporate AI. This should continue to be a field that garners interest throughout the year, making these stocks solid bets moving forward.
The Indexes at a Glance
The Dow Jones closed up 0.16% with no major winners or losers. This index could open with neutral sentiment and work up momentum slowly this week.
The S&P 500 closed with an increase of 0.03%, which again would indicate a slow opening for Monday. Palo Alto Networks and Dominion Energy were the big movers there, both up about 5%.
The Nasdaq Composite closed down 0.28% with a loss of 44.8 points. There was plenty of movement there, with Ocean Biomedical up 185%, and Pop Culture Group down 43%. Watch the stocks on this index closely for rapid movement to start the week off.
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