The S&P 500 stock index was up 8.8 per cent for the year through mid-March, right in line with the 29 per cent return last year and the five-year average annual return of 13.4 per cent.
Now for some historical context that seems pretty important right now, given how much U.S. stocks and soared and the degree to which tech stocks have led the way. Roughly 25 years ago, a tech-led stock market boom exploded and U.S. stocks fell into a deep, long slump. The S&P 500 today is dominated by the Magnificent Seven tech stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla - that together account for roughly 30 per cent of the whole. The Canadian stock market’s tech weighting is 8.7 per cent, a reminder that the S&P/TSX composite index is still very much a financials and resources proposition. Financials, energy and materials make up close to 60 per cent of the index.
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