YTD UPDATE
The $SPX500 on Friday declined by 0.2% for 2023 to close at 4,769.83 points, posting gains in eight out of twelve months. Its accompanying $SPY added 24.8% for the year.
After a particularly painful 2022, Wall Street's benchmark gauge bounced back stunningly this year to post its best annual performance since 2021. The rebound has been driven by several factors, but chief among them has been a return to growth stocks, a massive runup in technology names partly due to the craze around artificial intelligence (AI), and a long-awaited Federal Reserve dovish pivot that sets up interest rate cuts in 2024.
Happy New Year!
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