History Says the Nasdaq Will Soar in 2024: Here Are My Top 5 "Magnificent Seven" Stocks to Buy Before It Does
Since stocks began trading on the Nasdaq roughly 50 years ago, the index has only produced negative annual returns 14 times. Over the last 20 years, the index has dropped by at least 30% on three occasions: 2002, 2008, and 2022.
Interestingly, following the precipitous declines of 2002 and 2008, the Nasdaq rallied for consecutive years thereafter. Between 2003 and 2007, the Nasdaq returned an average of 16% per year. And in 2009 and 2010, the index produced average returns of 30%.
After its painful performance in 2022, the Nasdaq rebounded sharply in 2023, returning 43%. It's safe to say that the euphoria surrounding artificial intelligence (AI) largely influenced the upswing in tech stocks.
Source Fool.com
