How thankful Wall Streeters are this week likely depends on what asset they are paid to trade.
For those investing in equities, 2024 has proven unexpectedly good with the S&P 500’s annual gain on course to be one of the best in history.
Few expected that back in January when traders and strategists were bracing for turbulence amid worries the US economy was barreling toward a hard landing.
Instead, the market has been lifted by a resilient economy, rising earnings and a handful of tech titans.
Both the S&P 500 and Nasdaq 100 are up more than 20%, while Nvidia’s stock has tripled.
“There has been an extraordinary equity run – particularly in the US,” said William Davies, global chief investment officer at Columbia Threadneedle Investments. “Economic growth in the US has been solid and inflation has steadily decreased.”
