History Says the Nasdaq Will Continue to Soar in 2024: My Top 5 Artificial Intelligence (AI) Growth Stocks to Buy Before the Surge Continues
After enduring one of its worst performances since 2008, the Nasdaq Composite has turned things around, gaining 50% since the beginning of last year. After such a sharp move higher, some investors wonder if much upside remains.
Yet a review of the data suggests the current market rally still has room to run. Since the storied index began trading back in 1972, every year after a market recovery begins, the tech-heavy index has risen 19%, on average. The ongoing battle with inflation is a wild card that could still throw a wrench in the works. That said, history suggests that 2024 should be a profitable year for investors.
It's generally agreed that recent advances in artificial intelligence (AI) have helped fuel the market's ascent and will likely drive additional gains in 2024. While estimates vary, generative AI is expected to add between $2.6 trillion and $4.4 trillion annually to the global economy in the coming years, according to data compiled by McKinsey Global Institute. Companies at the cutting edge of AI will enjoy a veritable windfall.
Source Fool.com
