Stocks Soar to Record Highs in 2023 Recovery Rally
• Stocks rebounded strongly in 2023 after a rough 2022, with indexes hitting new highs
• The recovery was fueled by a resilient economy and job market, along with unwinding pandemic distortions
• Tech stocks soared on AI hype and interest rate cuts hopes, though the Fed messaging remained hawkish
• An "everything rally" took hold in late 2023 as data improved and Fed rate cuts came into view
• Further stock gains are expected in 2024, with opportunities in rate-sensitive sectors like utilities