January 22, 2024
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Investment Commentary
What a difference a year can make. US equities rose in 2023, with the major indices erasing their
2022 declines. The Dow achieved an all-time high, while the S&P closed the year a touch short of
its record close from January of 2022. The positive year for the market appeared to be in jeopardy
as stock pulled back throughout Q3 before bottoming in late October and rallying into year-end.
Overall index performance was driven by huge rallies in the so-called “Magnificent Seven” mega cap names. As a result, the 26.2% total return of the official S&P 500 greatly outpaced the 13.9% return of its equal-weight counterpart.
