The Nasdaq Composite declined 33% in 2022, marking its worst annual performance since the Great Recession in 2008. But the technology-heavy index has mounted a spectacular rebound in 2023, soaring 44% year to date. And history says that upward momentum could continue in 2024.

Excluding 2022, the Nasdaq suffered a calendar-year decline exceeding 10% only eight times since its inception in 1971. Those events were generally followed by two strong rebound years. Specifically, the index returned an average of 16% during the year immediately following a double-digit decline and returned an average of 15% during the subsequent year.

In other words, the Nasdaq Composite should climb about 15% in 2024 if its performance aligns with the historical average. That upward momentum could push the values of Amazon (NASDAQ: AMZN) and (NASDAQ: GOOGL) (NASDAQ: GOOG) above $2 trillion, meaning both companies would join a club that's currently exclusive to Apple and Microsoft.

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Source Fool.com