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In the stock market, all is not quite as it seems.
A slowdown in inflation has boosted investor confidence in the economy this year and, combined with an intense fervor for artificial intelligence, provided the backdrop to a rally that has beaten all expectations.
The S&P 500 climbed about 15 percent in the first half of 2024, rising further into record territory.
The daily close of the S&P 500 index
Source: LSEG
By The New York Times
The gains have been remarkably steady, with the index only once rising or falling more than 2 percent in a single day. (It rose.) A widely tracked measure of bets on more volatility to come is close to its lowest-ever level.
But a look beneath the surface reveals much greater turbulence. Nvidia, for example, whose rising stock price helped it become the most valuable public company in America last week, is up more than 150 percent this year. The price hasalso repeatedly had deep plunges in the last six months, shaving billions of dollars of market value each time.
The daily percentage change of Nvidia’s stock price and the S&P 500 index this year
Source: FactSet
By The New York Times
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