2023 Economic ForecastJanuary 9, 2023
Year End Review/2024 Outlook
by John D. Quimjian, M.D.
President and Senior Financial Advisor | December 28, 2023
If you have checked your portfolio lately, you will have seen that the last two months have been very good for the stock market. This has been primarily the result of the Federal Reserve signaling that they were probably done raising interest rates and expected that they would start cutting rates next year. A large part of the increase in the stock market this year was primarily due to the enthusiasm for advances in artificial intelligence which drove up the “magnificent seven” (Apple, Microsoft, Amazon, Alphabet, Nvidia, Meta, and Tesla). They were up about 100 percent in 2023 which contributed to approximately one half of the rise in the S & P 500 market index. The rise in the other 493 large company stocks was around 11 percent. The last two months as seen a broadening of the bull market which has helped these stocks and as well as small company stocks.
The broadening of the market rally is usually a bullish sign for stocks. If we avoid a recession or a resurgence of inflation (both of which appear increasingly positive) then next year should be another year of positive returns for investors.
This letter written on December 28, 2023 is the opinion of John Quimjian who is an investment advisor representative with Physicians Wealth Solutions LLC, a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein.