Stocks slipped on the final day of trading for 2023 in what has been a surprisingly strong year of gains on Wall Street.
Stocks slipped on the final day of trading for 2023 in what has been a surprisingly strong year of gains on Wall Street.
Yet the so-called Magnificent 7 companies – Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms and Tesla – accounted for about two-thirds of the gains in the S&P 500 this year, according to S&P Dow Jones Indices. Nvidia leads the group with a gain of about 240%.
The S&P 500 index fell 0.5% Friday and is sitting just below the all-time high it set in January of 2022. It is up 23.9% for the year.
The Dow Jones Industrial Average fell 132 points, or less than 0.4%, to 37,579, a day after hitting another record. It is up more than 13% for the year.
The tech-heavy Nasdaq fell 0.8% as of 12:06 p.m. Eastern and is up 43% for the year thanks largely to the movement of those marquee companies.
Every major index more than recovered their losses from a dismal 2022. Smaller company stocks had a late rally, but also erased losses from last year. The Russell 2000 index is up 16% in 2023.
The rally that started in November helped broaden the gains within the market beyond just the big technology companies. It marked a big psychological shift for investors, said Quincy Krosby, chief global strategist at LPL Financial.
