The US’s S&P 500 index has risen more than 20 per cent for the second year in a row, as investor excitement about artificial intelligence fuels strong gains in megacap technology stocks. Despite a sell-off in December, the basket of blue-chip stocks has ended 2024 up 23.3 per cent, following a 24.2 per cent gain the previous year, marking its best two-year run of performance this century. The index has now made annual gains of more than 20 per cent four times in the past six years.
That damped investor exuberance after Trump’s election win in November, and helped push the index down 2.5 per cent in December. Megacap tech stocks including the so-called Magnificent Seven — Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla — were again the dominant force in the US market. Bulls contend that Big Tech’s earnings growth and AI’s potential to spur productivity justify valuations.
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