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Record High in Sight for Australia Stocks With Rates in Play
Australian 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. Still, the domestic outlook is clouded. While Australia’s labor market has remained strong amid the Reserve Bank’s ... (full story)