S&P 500 Bulls Drive Longest Weekly Win Since 2004: Markets Wrap
- US 10-year yield ends 2023 almost exactly where it started
- Dollar closes out worst year since 2020 as US rate bets bite
This article is for subscribers only.
Wall Street’s final session of 2023 saw stocks taking a breather near all-time highs. For bulls defying every doomsday scenario, that was just a blip for a market notching its longest weekly advance since 2004.
The uneventful Friday before the holiday had US equities halting a five-day advance. Signs of exhaustion emerged after an over $8 trillion surge in the S&P 500 this year, with the gauge still notching its ninth straight week of gains. Traders have looked past Federal Reserve uncertainty, recession angst and geopolitical risks. And many who came into 2023 dreading all that have ended up scrambling to chase the rally.