US Stock Market Starts 2024 on a Strong Note

The US stock market started 2024 on a strong note, with the S&P 500 index rising 2.4% to 4,766.17 points, the Nasdaq Composite index rising 3.8% to 15,733.75 points, and the Dow Jones Industrial Average rising 2.2% to 36,025.15 points.

The rally in US stocks was driven by a number of factors, including:

• Strong fourth-quarter 2023 earnings results from US companies.
• Abating concerns about inflation.
• Projected global economic recovery.

Fourth-quarter 2023 earnings results from US companies exceeded analysts' expectations. This shows that US businesses are continuing to perform well, despite challenges from inflation and supply chain disruptions.

Inflation concerns are also easing. The US Consumer Price Index (CPI) rose 7% in December 2023, but this was lower than the 7.5% rise in November 2023.

Global economic growth is also projected to recover in 2024. The World Bank forecasts global economic growth to reach 4.1% in 2024, up from 3.6% in 2023.

The strong start for the US stock market is a positive sign for the US and global economies