The Nasdaq Technology Composite Index posted its best mid-term gain since 1983, after investors flocked to companies in the technology-heavy index that they expect will benefit from the growth of artificial intelligence.
The index rose 32 percent in the first six months of 2023 with markets closed on Friday, the last day of June. With this, the Nasdaq Stock Exchange recorded its strongest performance since the height of the dot-com bubble in the second half of 1999.
US stock markets have weathered a series of challenges since January, including turmoil among regional banks, brinkmanship regarding the government debt ceiling, and high interest rates implemented by the Federal Reserve and other monetary policymakers.
