History Suggests the Nasdaq Will Soar in 2024: 2 Brilliant Artificial Intelligence (AI) Growth Stocks to Buy Before It Does
After a year of spectacular gains, the stock market seems to be taking a breather to kick off the new year. Investors are justifiably cautious after the Nasdaq Composite (NASDAQINDEX: ^IXIC) notched gains of 43% last year. Given those stellar gains, investors are left to wonder if the current rally still has legs -- and history can help provide some guidance.
Going back to 1972 -- the first full year the tech-centric index traded -- in every year following a bear market rebound, the Nasdaq has rallied another 19%, on average. The results varied by year, of course, ranging from a 7% increase in 1986 to a 38% surge in 2013. That said, and given the ongoing economic recovery, chances are good that the current market rally will continue in 2024.
There's evidence that suggests it was the emergence of generative AI that fueled the market surge last year. These advanced algorithms were deployed to handle menial tasks, freeing the user for higher-level chores. While it's still early innings for AI, there are a couple of companies that stand out from the pack and are well-positioned to profit from the AI revolution.
Source Fool.com
