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U.S. Stocks Achieve Best Two-Year Gains Since 1998; S&P 500 Surges 24%, Nasdaq Up 29% in 2024

Dec 31, 2024, 09:00 PM

U.S. stocks closed out 2024 with strong gains, marking the best two-year performance in a quarter-century. The S&P 500 rose approximately 24% for the year, closing at 5,882.83, and adding $10 trillion in market capitalization. This follows a 24% gain in 2023, resulting in a combined increase of over 53% across both years. This is the first time since 1997-1998 that the index has posted back-to-back annual gains exceeding 20%. The S&P 500 outperformed all major Wall Street price targets set at the start of 2024, exceeding the most bullish forecast by over 400 points, and its actual gain was over 21% higher than the average prediction. The Nasdaq Composite soared around 29% in 2024, while the Dow Jones Industrial Average advanced about 13%. The S&P 500 reached 57 all-time highs during the year, the fifth most in history. Analysts attribute the strong performance to factors including robust economic growth, innovation particularly in the technology sector with companies like Nvidia and Palantir leading gains, strong consumer spending, and moderating inflation.