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.

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%.

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