U.S. stocks have been on a tear this year, with the S&P 500 and Nasdaq Composite scoring their strongest first seven months of a year in decades, according to Dow Jones Market Data.
The Nasdaq saw its best first seven months of a year since 1975 when the index surged 39.1% over that stretch, according to Dow Jones Market Data. The Nasdaq went on to give up some of those gains in 1975, but still finished the year up almost 30%, FactSet data show. U.S. stocks have been soaring this year after suffering big losses in 2022 as the Federal Reserve aggressively raised interest rates to combat high inflation. The cost of living in the U.S. remains elevated, but it’s been easing even as the economy continues to expand and the Fed slows its rate hikes in 2023.Meanwhile, the corporate bond market has been signaling confidence this month in company cash flows, flashing a “green light” for further stock gains this year, according to DataTrek.
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