(Bloomberg) — A banner year for stocks is drawing to an end, with the market near all-time highs amid the artificial-intelligence exuberance and dovish Federal Reserve wagers.
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In the run-up to the final closing bell of 2023, the Nasdaq 100 wavered — while still set for its best year since 1999 after a $7 trillion surge. The S&P 500 came close to a record, and was 1% below the average full-year gain predicted in a recent survey with analysts, who forecast the index would end 2024 at 4,833.
“If the stock market can break through that record high in any significant way as we move through January, it’s going to be very bullish on a technical basis,” said Matt Maley at Miller Tabak + Co. “Whenever the market is rallying strongly at the beginning of a new year — when a lot of people are adjusting their investment-game plans — it tends to exacerbate the rally.”
In a rates-obsessed world, the stock…
