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MARKET COMMENTARY: Q4 2025

2025 marked the third year in a row of double-digit stock market gains as the U.S. market, measured by the S&P 500, gained 16.4%. Global markets also rose, in many cases outpacing the US markets. Similarly, in the fourth quarter, the US market rose 2.4% while global markets outside the US delivered 5%, highlighting the benefits of global diversification.
Sep 21, 2026