The major averages closed modestly lower today, but higher on the week to close out a stellar year for the stock market. The Dow Jones Industrial Average closed down 20 points or 0.05%. The S&P 500 fell 13 points or 0.28% while the Nasdaq Composite fell 83 points today.   

The S&P 500 entered the final trading day of 2023 less than 0.5% from a new record high and below the all-time high of 4,796.56 level attained in January 2022. The S&P 500 and the other major averages closed higher for the ninth consecutive week. This was the S&P 500's longest streak of weekly gains since 2004. The Dow and Nasdaq rose 0.8% and 0.3% on the week. Both averages are havign their longest winning streaks since 2019.

2023 rally in the markets will be known for the artificial intelligence stocks and the "Magnificent 7" stocks like Nvidia and Microsoft that led the way all ear. For the full year, the S&P 500 rose 24%. The Dow rose over 13% while the Nasdaq was up 43%.

Happy New Year