Dec 12, 2023 - Economy

S&P 500's gains this year push past 20% as market nears all-time high

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

The S&P 500 gains for the year pushed past 20% on Monday.

Why it matters: The broad market is on pace for its best performance since 2021, when it climbed almost 27%. Last year it shed 19.4%.

State of play: Stocks have been on a tear since late October when a string of nearly pitch-perfect data releases — softer job readings, slower inflation, and rising productivity — helped convince investors that the Fed has won the war on inflation (and therefore rate cuts could be expected early next year).

What to watch: How the market behaves as it approaches a new all-time high. We're less than 4% below a new high-water mark, which would confirm that the market is indeed a raging bull.

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