Posted 12/31/2023, 7:05:01 PM
Stocks Surge in 2023 Despite Gloomy Forecasts, Driven by Tech and AI Momentum
- Wall Street analysts predicted a grim 2023 for stocks, but markets rallied instead with the S&P 500 up 25%
- Growth remained resilient despite recession fears, and AI interest drove tech stocks higher
- The "Magnificent Seven" mega-caps like Apple and Microsoft powered over 70% of the S&P 500's gains
- Strategists like Morgan Stanley's Mike Wilson admitted being "dead wrong" with their bearish outlooks
- Some strategists now predict new stock market highs in 2024 with AI continuing to drive gains