American stocks loiter near an all-time high
Their performance this year will depend on the real economy
It is the first trading day of the year. The stockmarket opens a whisker away from an all-time high. American equities have soared over the past 12 months, up by around 25%, with a handful of technology giants leading the charge. There is a big move in the share price of Apple, the world’s most valuable company, which sets off a move in the broader market. This dictates the tone for the rest of the day.
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This article appeared in the Finance & economics section of the print edition under the headline “Falling short”
From the January 6th 2024 edition
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