Wall Street Nears Successful Year Despite Friday’s Slip
Stocks experienced a slight dip on Friday, but the overall trend is positive as Wall Street is on the cusp of wrapping up a winning year for all major averages. The S&P 500 fell 0.3%, while the Dow Jones Industrial Average lost 60 points, or 0.2%. The Nasdaq Composite also edged down 0.4%.
Despite this minor setback, momentum remains favorable as the year comes to a close. Senior investment strategist Mona Mahajan believes that the market is heading in the right direction. In fact, the S&P 500 is less than 0.5% away from reaching a new record high.
The performance of stocks in 2023 stands in stark contrast to the previous year. After a rough 2022, stocks have bounced back significantly. The S&P 500 is up 24.6% so far this year, while the Dow has risen 13.8%. The Nasdaq Composite has led the charge with an impressive gain of 43.5%.
Moreover, all major averages are on track to achieve their ninth consecutive winning weeks. If this streak continues, it would mark the S&P 500’s longest stretch of weekly gains since 2004. Similarly, the Dow and Nasdaq are also on pace to achieve their longest weekly winning streaks since 2019.
One notable driver of these gains in 2023 has been artificial intelligence (AI). Stocks like Nvidia and Microsoft, which heavily rely on AI technology, have seen significant boosts in their value. This not only demonstrates the growing importance of AI but also highlights its impact on the stock market.
In particular, the Nasdaq Composite has been on fire, surging more than 40% this year. This impressive performance has propelled the index to new heights, showcasing its resilience and ability to adapt to changing market conditions.
As the year comes to a close, investors are keeping a close eye on Wall Street. Despite the slip seen on Friday, the overall trajectory remains positive. With just a few days left, all eyes are on whether these major averages can maintain their winning streaks and close out the year on a high note.
