After declining 4.3% in the first quarter, the S&P 500 returned 15.2% in the second quarter – its strongest quarter since 2020 – and finished near record highs.

2025 was a very strong year for equities, with the S&P 500 rising 17.9% and non-U.S. equities gaining 31.2%.

2025 was a very strong year for equities, with the S&P 500 rising 17.9% and non-U.S. equities gaining 31.2%.

Despite the sharp decline in April, the stock market has brought positive returns in 2025, reaching 28 record highs so far.

From the White House’s tariff announcements in April to escalating tensions between Israel and Iran in June, investors faced many challenges during the 2nd quarter.