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US equities post their best two-year run of the 21st Century

US equities post their best two-year run of the 21st Century

13 Jan 2025


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Gilts have had a bumpy start to 2025 continuing a theme of rising yields that was playing out in the fourth quarter of 2024.

In contrast, the S&P 500 index finished 2024 more than 20% up for the second year running despite a sell-off in December with Artificial Intelligence tech stocks as the main driver of returns over the calendar year.

Quarter in brief

  • US stocks were boosted in Q4 2024 by ‘Trump trades’ following his election win
  • The US, UK and EU central banks all cut borrowing costs during the quarter
  • UK economic worries deepen amidst stagflation fears and poor growth
  • UK gilt yields climb sharply leading to UK DB pension scheme funding gains

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