Traders are working on the floor of the New York Stock Exchange in New York City. The final trading day of 2023 has the potential to be historic. The S&P 500, which is the broadest measure of the US stock market, opened 0.1% higher and may reach its first record high in two years if it maintains its gains. The S&P 500 has performed well this year, with a 25% increase and a nine-week winning streak, the longest since January 2004. In contrast, the benchmark index fell by 20% in 2022. The Dow Jones Industrial Average opened 0.3% lower but is expected to hit its sixth-straight record. It has seen a 14% increase in 2023. The Nasdaq Composite, which had a stellar year with a 45% increase, opened slightly higher. However, it still has not reached its all-time high from November 2021, indicating the impact of a difficult year for technology stocks in 2022. Despite concerns such as recession risk, higher interest rates, China's economic struggles, and geopolitical uncertainties, the US stock market has performed well due to the strong US economy and positive economic data. Inflation has decreased to 3.1%, and the Federal Reserve has hinted at rate cuts. The winners of the year include tech giants like Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla, with gains of over 100%. Mid-cap winners include Duolingo, Abercrombie & Fitch, and ImmunoGen. On the other hand, Enphase Energy, Moderna, Pfizer, and Dollar General were among the losers of the year.
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