The Nasdaq-100 index rose nearly 54% in 2023. Even better, it started the first quarter of 2024 with additional gains of more than 8% so far. The index currently sits at 18,226, and history suggests that it will end at a higher level by the end of the year. According to data collected by brokerage firm Capex.com, the Nasdaq-100 has clocked average gains of 24.1% in the year following one in which it recorded gains of more than 40%. The only exception to this is the year 2000 when stocks fell over multiple years during the dot-com bubble.

Assuming history does repeat in 2024, the Nasdaq-100 could end the year at a level of 20,880 (which is 24.1% higher than last year's close). Based on the index's current reading, the Nasdaq-100 could jump another 14.6% this year if it follows the average.

That level of growth is why now could be a good time for investors to buy shares of Confluent (NASDAQ: CFLT) and Nvidia (NASDAQ: NVDA), two Nasdaq stocks that have been in fine form on the market this year. Let me explain.

Continue reading

Source Fool.com