2024 Market Predictions: A Year in Review

Before we close the books on 2024, let’s take a look back at my predictions at the start of the year and see how they fared. I wrote in the first January issue of my Internet Wealth Builder newsletter that the coming year “is looking much better…than any we’ve seen since the start of the pandemic”. That’s how it turned out. All the major North American indexes set new records, although they were backing off those highs at year-end. The S&P/TSX Composite gained 18 percent, the Dow was ahead 12.

9 percent, the S&P 500 jumped 23.3 percent, and Nasdaq added a mind-boggling 29.8 percent. Most sectors – but not all – went along for the ride. Here’s what I predicted a year ago and what actually happened.. I predicted that interest-sensitive equities like utilities, REITs, pipelines, and telecoms would be strong performers in 2024 as interest rates dropped. Except for telecoms, that proved to be the case. The S&P/TSX Capped Utilities Index was up 8.57 percent for the year. Pipeline stocks such as Enbridge Inc. () all posted strong gains. The Real Estate index was ahead but only by 1.65 percent. Still, that was better than a loss.. I expected the AI craze would abate and that enthusiasm for tech stocks would cool. Wrong. Investors kept pouring money into The Magnificent Seven and their smaller Canadian counterparts like Celestica Inc. (). The S&P 500 Information Technology Index gained 35.69 percent while its S&P/TSX counterpart added 32.47 percent.. They certainly did. The S&P/TSX Capped Financials Index was up 25 percent, and it would have done even better had it not been for Toronto-Dominion Bank’s () money-laundering woes that led to a cap being placed on future U.S. growth. Falling interest rates, declining inflation, and an easing of recession fears all contributed to a strong performance by bank and insurance stocks.. We had mixed results her

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