Record High in Sight for Australia Stocks With Rates in Play
- Nation’s stocks are less than 2% away from an all-time high
- Tech shares shined in 2023, while energy stocks underperformed
The Australian Stock Exchange in Sydney.
Photographer: Mark Evans/Getty ImagesAustralian stocks are heading into 2024 near an all-time high amid hopes that interest rates have peaked.
The benchmark S&P/ASX 200 Index is wrapping up the year less than 2% away from its record close in August 2021 after the Federal Reserve’s policy pivot this month boosted its year-to-date gain to 7.1%. Technology shares led the advance on the hype around artificial intelligence and bets that rate cuts will support growth stocks, while energy stocks languished on dwindling commodity prices.