S&P 500 and Dow Jones Hit Record Highs Driven by Big Tech

Despite concerns about a slowing economy and geopolitical unrest, the market remains resilient with strong economic performance and receding inflation.

The S&P 500 and Dow Jones Industrial Average hit record closing highs, with the S&P 500 closing at 4,839.81, marking its first record close since January 2022.
Big Tech stocks, particularly those involved in AI, drove the market's gains, with seven of the largest tech stocks, known as the 'Magnificent Seven', increasing 75% on average in 2023.
Despite concerns about a slowing economy and geopolitical unrest, the market has remained resilient due to a strong economy, receding inflation, and positive developments in Big Tech.
Consumer sentiment in the US has reached its most optimistic level since July 2021, according to a University of Michigan survey.
Despite the Federal Reserve's campaign to raise interest rates, the economy has not tipped into recession territory, with Goldman Sachs lowering its probability estimate for a recession to 15%.