S&P 500 Soars 24% in 2023 Led by Tech Stocks
Nvidia Corp. and Meta Platforms Inc. see significant gains, while Moderna Inc. and Pfizer Inc. face losses due to reduced demand for COVID-19 vaccines.
- S&P 500 index rose by 24% in 2023, with technology stocks, especially those related to artificial intelligence (AI), leading the gains.
- Nvidia Corp. saw the largest percentage growth in the S&P 500, with its stock surging more than 254% due to rising demand for AI products.
- Facebook's parent, Meta Platforms Inc., almost tripled in price in 2023, boosted by AI and cost-cutting measures.
- Shares of Royal Caribbean Group rose more than 165% due to the end of COVID-19 restrictions and pent-up demand for travel.
- The end of the pandemic led to reduced demand for COVID-19 vaccines and treatments, causing shares of Moderna Inc. and Pfizer Inc. to fall roughly 44%.
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