The S&P 500 Index, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), achieved historic all-time highs during the last session of the week, marking a significant milestone following more than two years since its previous peak.
Major tech stocks led the broader U.S. stock market’s rebound this week, buoyed by investor optimism surrounding advancements in artificial intelligence and strong consumer demand.
The Nasdaq 100, as monitored through the Invesco QQQ Trust (NASDAQ:QQQ), has notched its eleventh week of gains in the last 12, also setting new all-time records and eclipsing the 17,000-point mark.
Chart Of The Week: Nasdaq 100, S&P 500 Jointly Achieve Fresh Record Highs
S&P 500’s Historic Milestone
The S&P 500’s remarkable surge can be attributed to the stellar performance of tech giants and companies in the artificial intelligence sector. Additionally, hopes for interest rate cuts in 2024, fueled by a continued decline in inflation, have further cemented this achievement.
Consumer Sentiment Booms
December’s retail sales rose at the highest pace in 10 months, up 5.6% compared to a year ago, indicating a strong holiday season for U.S. consumers.
Preliminary data from the University of Michigan revealed that consumer confidence reached a two-and-a-half-year high in January, sharply exceeding expectations.
Sam Altman’s Forecast
Speaking at the World Economic Forum in Davos, Switzerland, OpenAI CEO Sam Altman predicted that more individuals will be conversing with computers in 2024, hinting at a future intertwined with artificial intelligence. This aligns with the broader trend of AI integration into daily life, reinforcing the notion that AI-driven communication is on the cusp of becoming the new norm.
AI Regulation Call
At Davos, leaders underscored the “massively destabilizing” potential of AI, advocating for increased human oversight. The dialogue highlighted the urgency for ethical frameworks as AI becomes more autonomous, influencing decisions from global economics to everyday life, and the need for stringent governance to manage its societal impact.
Davos Crypto Views
Cryptocurrencies faced scrutiny at Davos, with experts championing Central Bank Digital Currencies (CBDCs) over volatile tokens like Dogecoin (CRYPTO: DOGE). Ripple (CRYPTO: XRP)’s CEO expressed skepticism,…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
