US Stocks Close Near Record Highs

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US stocks finished lower on the final trading day of the year but booked sharp yearly gains as inflation decelerated sharply, the economy remained strong and the Federal Reserve is set to cut rates in 2024. The S&P and the Dow booked their ninth straight winning weeks, with the S&P posting its longest weekly gains since 2004, while the Dow notched its longest weekly winning streak since 2019. In 2023, the S&P 500 added 24.7% and the Dow booked a gain of 13.7%. The Nasdaq 100 surged by 54.9%, to mark the best year since 2020 lifted by an AI-backed rally in tech companies, with Nvidia soaring 245% on the year and Meta adding 183%.

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