[New York Stock Market] 9 Consecutive Weeks of Gains... S&P 500 Index Up 24% This Year

On the 29th (local time), the last trading day of the year, the U.S. New York stock market closed lower. However, on a weekly basis, it recorded its ninth consecutive week of gains. Annually, the Standard & Poor's (S&P) 500 index rose by as much as 24%, marking one of the strongest bull markets in history.

On that day, the Dow Jones Industrial Average closed at 37,689.54, down 20.56 points (0.05%) from the previous session. The S&P 500 index fell 13.52 points (0.28%) to 4,769.83, and the Nasdaq index dropped 83.78 points (0.56%) to close at 15,011.35.

The S&P 500 index had closed at 4,783.35 the previous day, raising expectations that it would surpass its all-time high (4,796.56 on January 3, 2022), but it ended slightly lower on the day, failing to reclaim the record high.

Nevertheless, the S&P 500 showed a strong rebound throughout the year, rising 24.2%. The Dow increased by 13.7%, and the Nasdaq surged 43.4% over the year.

Market expectations had been that the stock market would struggle to rebound strongly due to the prolonged high interest rates lasting longer than anticipated, persistent inflation, slowing consumer spending, and ongoing international conflicts throughout the year. However, fueled by the AI investment boom, the so-called "Magnificent 7 (M7)"?seven major tech stocks?drove gains, pushing the tech-heavy Nasdaq index up by more than 40%.

In particular, as the year-end approached, growing expectations that the U.S. Federal Reserve (Fed) would begin cutting interest rates next year acted as a positive factor for the stock market.

Meanwhile, the yield on the U.S. 10-year Treasury note showed significant volatility this year but ultimately closed at a level similar to the beginning of the year. On that day, the 10-year Treasury yield closed at 3.87%, close to last year's final trading day yield of 3.84%.