The S&P 500, Dow and Nasdaq are near record highs and are on track to end higher for a second straight year.
A nearly 100-basis point cut in interest rates in 2024 by the Federal Reserve and a rally in technology stocks in anticipation of boost to corporate profits from artificial intelligence powered a strong surge in equities in 2024.
The S&P 500 tech, communications services and consumer discretionary have jumped more than 30 per cent this year.
Although AI poster-child Nvidia’s nearly 170 per cent surge this year was smaller compared with last year, the rally helped the company notch $3 trillion in market value, while Tesla reclaimed $1 trillion level.
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