Stocks Soar to New Highs on Tech Rally, Cooling Inflation
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The stock market has seen huge gains in 2023, with several indexes at all-time or 52-week highs due to factors like AI boom, cooling inflation, Fed policy optimism.
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Top performing ETFs highlighted are Valkyrie Bitcoin Miners ETF, MicroSectors FANG+ ETN, iShares U.S. Home Construction ETF, Fidelity Blue Chip Growth ETF, and SoFi Social 50 ETF.
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Gains largely driven by outperformance of "Magnificent Seven" large-cap tech stocks like Apple, Microsoft, Amazon.
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Fed expected to cut rates 3 times in 2024 as inflation eases, indicating end of tightening cycle.
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Multiple positive economic indicators like robust consumer spending, strong job gains, improved corporate earnings signaling optimistic 2024 outlook if trends continue.