Wall Street’s Mid-Year Triumph: A Record-Setting Performance
July 2, 2023
Ending the first half of 2023 on an optimistic note, Wall Street witnessed a remarkable performance. This was notably driven by technology stocks, with Apple touching an unprecedented $3 trillion market capitalization. Further positivity was added by the moderation of the Federal Reserve’s preferred inflation barometer, the core personal consumption expenditures index, on both month-to-month and year-to-year basis, easing the rate concerns that had previously troubled markets. Moreover, all sectors of the S&P, led by technology with almost a 2% gain, closed in the green for the day.
Impressive Progress across Benchmark Indices: First Half 2023 in Review
Looking at the performance of Wall Street’s benchmark indices – the S&P 500, Dow Jones, and Nasdaq Composite, they all recorded advances for the week, month, quarter, and the first half of the year. June emerged as a strong performer, setting the stage for a promising second quarter. For the first half of 2023, the Nasdaq skyrocketed by 31.7%, recording its best first half since 1983. The S&P also achieved significant strides, soaring by 15.9% for its best first half since 2019, while the Dow marked a more modest gain of 3.8%. With the second half of the trading year set to begin with a holiday-shortened week, the markets are gearing up for more activity.