The S&P 500 ended with a level of 4,454.09 points, its best score since April 2022 and a semi-annual performance of 16%, its best variation for the same period in four years.
“It’s a nice cap on the end of a great quarter and an even better start to 2023,” said Ryan Detrick of the Carson Group in Omaha. “This was one of the best starts to the year ever for the Nasdaq and large-cap tech names, but let’s not forget they were the worst hit group in the vicious 2022 bear market.”
Edward Moya, an analyst at OANDA, noted that among the frontrunners is Apple, which became the first $3 trillion company, as Wall Street continues to bet on large-cap tech stocks.
“Apple’s capitalization became more valuable than the entire Russell 2000 and it looks like it could expand further. Apple got a boost after Citi raised its price target to $240. Apple’s outlook remains strong given its balance sheet and future revenue projects, but these latest earnings could be more of a defensive shift for retailers who see a US economy on the verge of recession,” Moya added.