Stocks close out 2023 with a 24% gain, buoyed by a resilient economy
CBSN
Investors have plenty to cheer as 2023 draws to a close, with the S&P 500 ending the year with a gain of more than 24% and the Dow finishing near a record high. Easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year.
The benchmark S&P 500 index inched lower Friday, the last trading day of 2023, but ended the year with a 24.2% gain. The Dow Jones Industrial Average rose more than 13% this year, and the Nasdaq soared 43%, driven by gains in big technology companies, including Nvidia, Amazon and Microsoft.
The rally that started in November helped broaden the gains within the market beyond just the big technology companies. Investors were also buoyed by a December forecast from the Federal Reserve that it plans to cut interest rates three times in 2024.
Primaries in different parts of the country on Tuesday could exert some influence on Republicans' chances at gaining back ground from Democrats in November and help decide whether an often unpredictable House Republican who has upset members of her own party will make it to the general election. Here are a few races to watch:
A blistering heat wave that recently brought record-breaking temperatures to large sections of the southwestern United States, including several major cities, is forecast to continue this week as it tracks over much of the country on its way toward the East Coast. Meanwhile, meteorologists have warned that powerful storm weather could dump as much as a foot of rain, or more, on parts of Florida and potentially give rise to another round of tornado threats in central states. Metropolitan areas like Chicago may be affected by a possible twister.
After four days of voting, with more than 400 million people eligible across 27 countries, European voters have pulled the bloc's 720-seat parliament farther to the right than it has ever been. The European Parliament, for the next five years, will now have a record number of far-right legislators. Far-right parties made gains in Europe's top three economies — Germany, France and Italy — with gains by politicians who campaigned against immigration, against support for Ukraine and against climate policy.
Apple's annual Worldwide Developers Conference is typically a springboard for the company to announce new tech features for its software programs, and not as flashy as its yearly September event to trumpet its latest iPhone rollout. But this year, the WWDC could be a make-or-break moment for the tech giant.