By Patrick Diamond, CFP®
The equity market has been on a strong upswing in 2024 (really it started back in late 2023) driven by, among other things, a strong economy and strong consumer spending, excitement around the rollout of new artificial intelligence technology and related implications for increased productivity, a strong labor market, and good corporate profits. The S&P 500 had seven new closing highs in July 2024 alone, and 38 new closing highs in 2024 year-to-date.[1] Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the second quarter of 2024, up from 1.4% in the previous quarter, indicating a growing economy.[2]