US stocks are about to achieve a feat so rare that it’s only ever happened a handful of times. The S&P 500 is set to gain over 20% this year after rising 24% in 2023. Back-to-back gains of over 20% would be the best performance for the benchmark index since 1997 and 1998, according to data from FactSet. It’s an extraordinary event for the modern-day version of the index.
S&P 500 index: US tech companies had a standout year and drove the S&P 500 more than 20% higher. The “Magnificent Seven” of tech stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — have accounted for over 50% of the S&P 500’s total returns this year, according to data from S&P Dow Jones Indices. And, since November 5, the Mag Seven stocks have accounted for over 96% of the S&P 500’s gains. Nvidia stock was a top performer of the year, surging over 180%.