2025 - A Resilient Market After four straight losing sessions that have dimmed hopes for a "Santa Claus rally," Wall Street is nevertheless ready to celebrate its gains for the year. But the biggest story of 2025 wasn’t the growth — it was the comeback.
Following the administration’s decision to impose broad-based tariffs in early April, markets briefly flirted with economic Armageddon. The narrative shifted almost overnight to fears of a standalone, “decoupled” U.S. economy. Risk assets sold off hard. Volatility spiked. In just two days, the S&P 500 dropped 10.5%. The Nasdaq entered bear market territory (down over 20% from its peak).
Following the administration’s decision to impose broad-based tariffs in early April, markets briefly flirted with economic Armageddon. The narrative shifted almost overnight to fears of a standalone, “decoupled” U.S. economy. Risk assets sold off hard. Volatility spiked. In just two days, the S&P 500 dropped 10.5%. The Nasdaq entered bear market territory (down over 20% from its peak).
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