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Following the “almost everything rally” that characterised the final few months of 2023, performance across asset classes was mixed in January.
This week, the S&P 500 experienced a slight decline, closing at 5,005.57, a drop of 0.42%.
The S&P 500 reached a record high, heading towards its fifth consecutive week of gains, driven by optimism around a soft landing and excitement over artificial intelligence.
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The stock market extended gains, reaching all-time highs with the S&P 500 above 4,950 and the Nasdaq up 1.5%. Positive outlooks from Meta Platforms Inc. and Amazon.com Inc. contributed to the rally.
The S&P 500 notched a third consecutive weekly gain despite a slowdown in momentum. Traders are closely watching the upcoming labour market figures, with economists forecasting a rise in U.S. payrolls for January.
Stocks closed the week positively, hitting record highs amid speculation of rate cuts by the Federal Reserve. Technology stocks, led by companies like Nvidia and Microsoft, contributed to the S&P 500’s surge, defying concerns about concentration in certain shares.
Markets rallied sharply in November, driven by falling inflation data and comments from Fed officials suggesting they may soon reach the end of this tightening cycle.
The Nasdaq 100 hit an all-time high, fueled by Jerome Powell’s signaling that the Fed is nearing the end of its aggressive hiking campaign. Tech giants like Microsoft, Amazon, and Nvidia led the advance, as uncertainties impacted other market sectors.