The second quarter of 2023 was just as bewildering as the first for those market participants skeptical about economic data and the markets. Risk assets continued to soar, particularly in the technology, consumer discretionary, and communications sectors, outperforming the S&P 500® Index by a respectable margin.
While many investors cheered higher yields in money market accounts throughout the first half of 2023, the NASDAQ Composite Index had its strongest first half since 1983, generating a return of 32.2%. While there were serious concerns in the first half of the year about the health of the banking system, slowing economic growth, and moderating corporate earnings, there’s not much standing in the way of the current market rally.
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