Investment Review - December 2023
- The major U.S. stock indices rebounded nicely from the previous month. For the month of November, the Dow Jones Industrial Average returned 9.2% with the S&P 9.6%, and the tech heavy Nasdaq Composite advancing 11.2%.
- The stock market’s gains over the past month have been driven in part by a string of relatively subdued inflation readings that appear to have led many investors to conclude that the Fed’s most-recent rate hike in July could be its last.
- The U.S. bond market rallied during the month with 10-year Treasury yields dropping from a high of approximately 5.0% the prior month to around 4.3%. The market is now pricing in the potential for the Federal Reserve to start cutting interest rates by the middle of next year.
Key Investment Statistics
Sources: Bloomberg, LLC., FactSet, U.S. Bureau of Labor Statistics, ReutersDisclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
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