This is our latest weekly market update.
Well, in another volatile week, the S&P 500 posted a record high close on Friday of 4839.81 for the first time in two years erasing the last of a nearly 25 per cent between its record high close of 4,796.56 on Jan. 3, 2022 and its low in October 2022.
The S&P 500 has been in a bull market since it closed at its low on Oct. 12, 2022, fueled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence.
The Dow Jones Industrial Average, which also hit a record closing high on Friday, had already confirmed on Dec 13, 2023 that it had been in a bull market since Sept. 30, 2022.
Meanwhile, while the Nasdaq composite recovered 43% in 2023, it would need to rise another 4.8% to return to its record high close of 16,057.4437, reached on Nov. 19, 2021.
On Friday, the S&P 500 jumped 1.23% The Nasdaq jumped 1.70%, while Dow Jones Industrial Average rose 1.05%.
But the questions of Central Bank rate cuts, QT, and whether stocks are still over valued hangs over the market like a bad smell. Volatility will remain the main game for some time to come.
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