May 18, 2023 - Economy

Stocks hit new 2023 high

Data: FactSet; Chart: Axios Visuals
Data: FactSet; Chart: Axios Visuals

Stocks notched a new high water mark for the year on Thursday.

Why it matters: The market's pep suggests investors think progress is being made on negotiations to raise the debt ceiling.

Driving the news: The S&P 500 closed Thursday up 9.3% in 2023.

  • The benchmark index is up 7% over the past 12 months.

Yes, but: We're still 12.5% below the all-time high hit on Jan. 3, 2022.

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