Stock Market Soars to New Heights in 2024
The year 2024 has come to a close, and what a year it has been for the stock market! Despite a weak finish, the S&P 500 index has boasted its best two-year performance of the 21st century, with a remarkable 23.3% jump in 2024, following a 24.2% advance in 2023. This brings the total two-year gain to an impressive 53.2%, the most since 1997-1998.
Megacaps and Nvidia Lead the Charge
Much of the credit for this outstanding performance goes to megacaps and, in particular, Nvidia (NVDA). The tech giant’s stock surged an astonishing 171.2% in 2024, making it the top performer among the Magnificent Seven stocks, which also include Apple (AAPL), Google parent Alphabet (GOOGL), Meta Platforms (META), Microsoft (MSFT), and Tesla (TSLA).
Nasdaq Composite Rallies 28.6%
The Nasdaq composite also had a stellar year, rallying 28.6% in 2024. This brings the two-year gain to an impressive 84.5%, the best since 2019-2020.
Dow Jones Climbs 12.9%
The Dow Jones industrial average also had a strong year, climbing 12.9% in 2024. This brings the two-year total to 28.35%, the best since 2019-2020.
Tesla Stock Surges 62.5%
Tesla stock was another standout performer, gaining 62.5% in 2024, including a 61.3% spike in the fourth quarter.
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