Stocks Soar in 2023 Rebound Despite Persistent Economic Worries
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The stock market is having a record-setting year, with major indexes like the S&P 500, Dow, and Nasdaq posting huge gains in 2023 after a miserable 2022.
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Big tech stocks like Apple, Microsoft, Meta, and Nvidia led the rally, each gaining over 100%. Some surprise mid-cap winners included language app Duolingo (up 228%) and retailer Abercrombie & Fitch (up 293%).
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On the flip side, solar company Enphase Energy plunged 49% on waning demand, while vaccine makers Moderna and Pfizer dropped 45% and 44% respectively as Covid product sales slowed.
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Dollar General stock fell 45%, its worst year ever, as higher costs and competition weighed on the discount retailer, prompting a leadership change.
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Geopolitical tensions, recession worries, and interest rate hikes from the Fed persisted as causes for concern even amid the stock market's banner year.