The most overused stock market adage to describe the past year is that investors have “climbed a wall of worry.” As we look back at a third consecutive year of outstanding returns, that wall looks more like a mountain.
Early in the year, the U.S. market faced significant headwinds, declining nearly 19% from a February peak to enter correction territory by April. Yet, the market demonstrated remarkable resilience, rebounding sharply to reach new all-time highs on 39 separate occasions throughout the year.
Despite constantly shifting trade policies, the longest government shutdown in U.S. history, a spike in job cuts, and concerns over the sustainability of massive tech spending, both stock and bond markets finished the year higher.
Read our Q4 market update for a more in-depth analysis, and to get our perspective on it all.
