Will strong consumer spending and the end of interest rate increases lead to a soft landing? Will the end of year rally continue? Does the public feel any better about the economy in 2024? Does it help President Joe Biden?
These are the questions as the latest market rally crosses old boundaries into the New Year.
The last Dow high was before the pandemic on January 5, 2020, when it hit 36952. It just beat that peak on December 13 when it closed at 37090. And in 2023, the Dow was a lagging index with a 12 percent gain in mid-December. It closed up 14 percent for the year. The broader S&P up 24 percent and the tech-heavy NASDAQ up 43.
With the dampening of inflation, full employment, and the market surge, there is finally some indication the post-pandemic blues are lifting as consumer confidence is up. However, it’s still not clear if and when Biden will benefit.
The problem is that the DJI is a poor indicator of the overall market where most people's money is.
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