© Reuters. FILE PHOTO: A trader works on the floor at the New York Stock Exchange in New York City, U.S., March 7, 2024. REUTERS/Brendan McDermid/File PhotoNEW YORK - The U.S. stock market is off to a soaring start in 2024, as optimism over the economy and interest rate cuts has combined with exuberance about the business opportunity in artificial intelligence to stir up a potent cocktail for equities.
A dovish Federal Reserve meeting earlier this month, in which the central bank kept its view of three interest rate cuts this year while upgrading its economic outlook, has also encouraged many investors. Such optimism has helped drive up stock valuations. The S&P 500's forward price-to-earnings ratio has climbed to about 21, its highest level in more than two years, according to LSEG Datastream.
But after all of the"Magnificent Seven" tech and growth stocks posted huge gains in 2023, this year has seen them go separate ways.) continues to shine, surging over 80% so far this year fueled by its gold-standard chips for AI. Meta Platforms is another big winner on the year, jumping about 40% with the Facebook parent issuing its first dividend in February.) have slipped 10%, with the iPhone maker hurt by pressure on its China business and from antitrust regulators. Tesla .
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