The major US stock market indexes have had a stellar year, led by the Nasdaq Composite’s (^IXIC) nearly 40% advance.
But as 2023 wraps up, investors will be keeping a close watch on potential record closes for the Dow Jones Industrial Average (^DJI) and the benchmark S&P 500 (^GSPC).
On Tuesday, the Dow notched its third-highest close on record, settling at 36,577.94. The blue chip index is just about 120 points, or less than 1%, away from its record closing high of 36,799.65 reached on Jan. 4, 2022.
Meanwhile, the S&P 500 closed at 4,643.70 on Tuesday, just over 3% away from its closing record high of 4,796.56 reached on Jan. 3, 2022.
The Nasdaq, for its part, settled at 14,533.40 on Tuesday, closer to 10% away from its record high of 16,057.44 reached in Nov. 2021.
As Yahoo Finance’s Josh Schafer reported Tuesday, the Federal Reserve holding interest rates steady has been the best environment for stocks when compared to periods just before or after the Fed either raises or lowers rates. And with the Fed expected to remain on hold Wednesday — and possibly into the second or third quarter of 2024 — market history remains on the side of the bulls.
