A Roaring Year of Trading Comes to a Close
As the curtain falls on 2024, US stocks are poised for a rebound, capping off a remarkable year of trading. Futures linked to the S&P 500, Nasdaq, and Dow Jones Industrial Average are all trending upward, with gains ranging from 0.3% to 0.5%.
A Year of Unprecedented Growth
The benchmark S&P 500 has surged an impressive 23.8% this year, while the tech-heavy Nasdaq Composite has seen an astonishing 30% increase. The Dow Jones Industrial Average, meanwhile, has posted a respectable 13% gain. This remarkable growth can be attributed to the continued rise of the AI trade, led by the “Magnificent 7,” as well as the broadening of the bull rally across the board.
Key Events That Shaped the Market
The Federal Reserve’s first interest rate cut in four years and President-elect Donald Trump’s return to the White House have both contributed to the market’s upward trajectory over the past two months. To get a better understanding of the year’s major themes, take a look at the insightful charts compiled by Josh Schafer and Alexandra Canal.
Commodities and Cryptocurrencies Soar
Gold has seen a remarkable 27% increase this year, its biggest yearly gain since 2010. Meanwhile, Bitcoin has rallied an astonishing 100% this year, although it has pulled back from the $100,000 level it reached earlier this month.
A Sudden Slowdown
Despite the overall optimism, the market has experienced a surprising slowdown over the past week, giving up some of its significant gains. This is all the more unusual considering the typical “Santa Claus” rally that usually occurs at the end of the year. As investors look to the future, one thing is certain – 2024 will be remembered as a remarkable year for trading.
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